Non-Resident Speculation Tax collected

On April 24, 2017 the Province began collecting additional information to better understand trends in the housing market through the land transfer tax (LTT) system.

All persons who purchase or acquire land in Ontario that contains at least one and not more than six single family residences, or agricultural land, are required to provide this additional information.

For more information, refer to the Prescribed Information for the Purposes of Section 5.0.1.

Means a corporation that is one of the following:

1. A corporation that is not incorporated in Canada
2. A corporation, the shares of which are not listed on a stock exchange in Canada, that is incorporated in Canada and is controlled, directly or indirectly in any manner whatever, within the meaning of section 256 of the Income Tax Act (Canada), by one or more of the following:
   1. a foreign national
   2. a corporation that is not incorporated in Canada
   3. a corporation that would, if each share of the corporation's capital stock that is owned by a foreign national or by a corporation described in paragraph 1 were owned by a particular person, be controlled, directly or indirectly in any manner whatsoever, within the meaning of section 256 of the Income Tax Act (Canada), by the particular person

Refers to the area of land comprised of the geographic areas of the following municipalities:

• City of Barrie, County of Brant, City of Brantford, County of Dufferin, Regional Municipality of Durham, City of Guelph, Haldimand County, Regional Municipality of Halton, City of Hamilton, City of Kawartha Lakes, Regional Municipality of Niagara, County of Northumberland, City of Orillia, Regional Municipality of Peel, City of Peterborough, County of Peterborough, County of Simcoe, City of Toronto, Regional Municipality of Waterloo, County of Wellington, and Regional Municipality of York

The LTT is a broad-based tax imposed on persons acquiring land, or a beneficial interest in land, in Ontario with few exceptions. LTT is payable to the Province when the transfer is registered under the Land Titles Act or the Registry Act, as applicable.

If the acquisition of an interest in land is not registered, LTT is payable directly to the Province in respect of the unregistered disposition of a beneficial interest in land, within 30 days after the transaction closing date.

Means a unit or proposed unit under the Condominium Act, 1998 or a structure or part of a structure that is designed for occupation as the residence of a family, including dependents or domestic employees of a member of the family, whether or not rent is paid to occupy any part of it and whether or not the land on which it is situated is zoned for residential use and,

1. includes such a residence that is to be constructed as part of the arrangement relating to a conveyance, and
2. does not include such a residence that is constructed or is to be constructed on agricultural land that is eligible to be classified in the farm property class prescribed under the Assessment Act

For example: a detached and semi‑detached house, duplex, freehold townhouse, condominium townhouse, condominium apartment, and cottage.

Means a trustee of:

• a trust with at least one trustee that is a foreign entity
• a trust with no foreign entity trustees if a beneficiary of the trust is a foreign entity

Taxable trustee does not include a trustee acting for the following types of trusts:

1. A mutual fund trust within the meaning of subsection 132 (6) of the Income Tax Act (Canada)
2. A real estate investment trust as defined in subsection 122.1 (1) of the Income Tax Act (Canada)
3. A SIFT trust as defined in subsection 122.1 (1) of the Income Tax Act (Canada)

Land that contains:

• at least one and not more than six single family residences

Land that contains:

• at least one and not more than six single family residences
• agricultural land

The data will only show those who were subject to the tax (foreign entities, and taxable trustees).

• Foreign entities:
  • Foreign nationals
  • Foreign corporations
• Taxable trustees, means a trustee of:
  • a trust with at least one trustee that is a foreign entity
  • a trust with no foreign entity trustees if a beneficiary of the trust is a foreign entity

All persons who purchase or acquire the applicable land (see above) in Ontario.

This includes the following:

• Canadian citizens and permanent residents of Canada
• Canadian corporations
• Foreign nationals
  • Persons nominated under the Ontario Immigrant Nominee Program
  • Protected persons (refugees)
  • Spouses of Canadian citizens, permanent residents of Canada, nominees or protected persons
• Foreign corporations
• Trustees, nominees, agents, or similar arrangements

• Trustee acting for the following types of trusts:
  • Mutual fund trust
  • Real Estate Investment Trust (REIT)
  • Specified Investment Flow-Through (SIFT) trust
• Nominee:
  • A foreign national who is nominated under the Ontario Immigrant Nominee Program
• Protected persons (refugee):
  • A foreign national on whom refugee protection is conferred under section 95 of the Immigration and Refugee Protection Act (Canada)
• Spouses:
  • A foreign national who jointly purchases residential property with a spouse, who is a Canadian citizen, permanent resident of Canada, nominee or protected person

• Trustee acting for the following types of trusts:
  • Mutual fund trust
  • Real Estate Investment Trust (REIT)
  • Specified Investment Flow-Through (SIFT) trust