Speculation Tax: Tax and Purchase Property

speculation tax: Here's a look at how the new tax would work, according to CTV. What does a non-resident speculation tax entail A 15-per-cent tax will be applied to the purchase of a residential property in the Greater Golden Horseshoe area, in addition to the general land transfer tax. The tax specifically targets foreign speculators who purchase property in the Greater Golden Horseshoe -- an area that stretches from the Niagara Region to Peterborough -- to turn a quick profit rather than to find a place in which to live. It will be retroactively effective as of Friday, once enabling legislation goes through. That area includes the Greater Toronto Area, and surrounding regions such as Niagara, Waterloo, the counties of Haldimand, Brant, Wellington, Dufferin, Simcoe, Peterborough, Northumberland and the Kawartha Lakes area. Who does it apply to The tax applies to buyers who are not Canadian citizens or permanent residents, non-Canadian corporations and taxable trustees for purchases of residential property in the Greater Golden Horseshoe area. (www.immigrantscanada.com). As reported in the news.