Selling Real Estate to a Non-Resident
For purchase and sale agreements signed after April 20, 2017 (excluding assignments signed after this date), Ontario imposes a 15% "Non Resident Speculation Tax" (NRST) on 'foreign' buyers of residential properties (defined as one to six single family residences) located in the Greater Golden Horseshoe. From a seller's perspective, this is relevant because it increases the buyer's cost & it's always worthwhile knowing if your potential buyer is 'foreign' or not.
Click here to read about who is considered a foreign buyer & what exemptions and rebates potentially apply to them.