Ontario has announced it is raising the non-resident speculation taxon homes purchased by foreign nationals from 20 percent to 25 percent, effective Tuesday.
Finance Minister Peter Bethlenfalvy says the move makes Ontario’s tax rate the highest in Canada and seeks to discourage foreign speculation.
The Progressive Conservative government previously increased the non-resident speculation tax from 15 percent to 20 in March, and expanded it to cover the whole province, instead of just the Greater Golden Horseshoe area of southern Ontario.
Municipal Affairs and Housing Minister Steve Clark is also set to introduce a piece of housing legislation Tuesday, as the government sets out to hit a target of 1.5 million homes being built in 10 years….
Source: The Epoch Times