Ontario Raising Foreign Homebuyer Tax to 25 Percent

Ontario Raising Foreign Homebuyer Tax to 25 Percent
Ontario Minister of Finance Peter Bethlenfalvy speaks to the media at Queen's Park in Toronto, on Aug. 9, 2022. The Canadian Press/Andrew Lahodynskyj
The Canadian Press
Updated:
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Ontario has announced it is raising the non-resident speculation tax on homes purchased by foreign nationals from 20 percent to 25 percent, effective Tuesday.
Finance Minister Peter Bethlenfalvy says the move makes Ontario’s tax rate the highest in Canada and seeks to discourage foreign speculation.