By Mark Weisleder

Ontario recently announced the 15 per cent Non-Resident Speculation Tax and there are already more questions than answers. In this short video, lawyer Mark Weisleder tells you what you need to know about the new tax.



  • Dawna

    With regard to NON RESIDENT BUYERS I was advised by a solicitor in Ontario that even a Canadian Citizen/permanent resident ( ex pat) living outside Canada in excess of 6 months would, upon re entering Canada and purchasing residential real estate in the GTA be considered a “non resident” for tax purposes.
    This is in direct contrast to the info contained in this video. Lawyers better get this straight as REALTOR’S® are relying on their info to pass on to their clients.
    NON RESIDENT SELLERS are another kettle of fish. Be careful when listing.

    • Please refer to the Real Estate Tax policy on foreign buyers for ON. I’m in Vancouver and the policy states “Anyone without PR or Citizenship” would be subject to 15% tax. The solicitor may be reading it from CRA’s definition. As for real estate, we are sticking with what the provincial government’s definition and guideline on this topic. Our Contract of purchase and sale forms have been changed to obtain buyer and seller’s immigration status. You probably see this down there soon. For non-resident sellers, the lawyers will take care this

      • Carolyne L

        Due diligence: fiduciary duty… Don’t count on leaving such things to lawyers. Some are better than others. See comments section at:
        http://www.remonline.com/b-c-court-rules-notary-public-responsible-tax-owed-buyer/

        Carolyne L 🍁

        • Carolyne, I wasn’t able to continue on my comments due to character limitation. You MUST establish the citizenship status of the Seller. CPS form now ask the Buyer/Seller to initial their immigration status. The Lawyer will handle the taxation part of the adjustments.