Non-Resident Homebuyer Tax and Transit Credit for Seniors

Friday, June 2, 2017

The Province of Ontario announced a new tax on non-resident homebuyers and a tax credit for seniors’ public transit costs.

As of April 21, 2017, all residential properties purchased by non-Canadian citizens, non-permanent residents, non-Canadian corporations and taxable trustees must pay a 15 percent Non-Resident Speculation Tax. This new tax only applies to residential properties in the Greater Golden Horseshoe region.

Also, starting July 1, 2017, people aged 65 and older can receive a refundable tax credit worth 15 percent of their annual public transit costs. Details about which transit costs will be included in this credit will be announced before July 1, 2017.

You might also be interested in reading Settlement.Org’s articles on Buying a Home and Public Transit.