International buyer Tax

[Quinn1]

Hey guys I have a question regarding Ontario real estate.
My parents are planning on purchasing property in Toronto where International buyer Tax applies, they are foreign buyers but I have PR status so it doesn't apply to me, but if all 3 of us become the owner of the property on paper, do we still need to pay 25% International buyer Tax?
Thank you

 

[gauravs]

Hey guys I have a question regarding Ontario real estate.
My parents are planning on purchasing property in Toronto where International buyer Tax applies, they are foreign buyers but I have PR status so it doesn't apply to me, but if all 3 of us become the owner of the property on paper, do we still need to pay 25% International buyer Tax?
Thank you

Non-residents cannot purchase a residential property in Canada.
https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-research/consultations/prohibition-purchase-residential-property-non-canadians-act

Non-resident Speculation Tax (NRST) only comes into the picture if a person is exempt from this ban.

 

[Quinn1]

Non-residents cannot purchase a residential property in Canada.
https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-research/consultations/prohibition-purchase-residential-property-non-canadians-act

Non-resident Speculation Tax (NRST) only comes into the picture if a person is exempt from this ban.

I see thank you!
It's a temporary ban for 2 years, they are looking to buy a house in 3/4 years, do they still need to pay International buyer Tax with a PR holder name on paper if the ban is lifted?

 

[gauravs]

I see thank you!
It's a temporary ban for 2 years, they are looking to buy a house in 3/4 years, do they still need to pay International buyer Tax with a PR holder name on paper if the ban is lifted?

Yes, in Ontario NRST needs to be paid by all foreigners and it does not matter the split share in the property. BC has a different rule, where you pay additional tax on the percentage share owned by the non-residents.

 

[Quinn1]

Yes, in Ontario NRST needs to be paid by all foreigners and it does not matter the split share in the property. BC has a different rule, where you pay additional tax on the percentage share owned by the non-residents.

That’s very helpful thank you !