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Changes to Non-Resident Speculation Tax in Ontario

Starting today, the Non-Resident Speculation Tax rate will increase to 20 percent and it will cover the entire province.

ONTARIO - The Ford Government has decided to increase the speculation tax for non-resident homebuyers.

The tax for foreign homebuyers will be increased from 15 percent to 20 percent and the program will also be expanded to cover the entire province. The speculation tax used to only apply to Greater Golden Horseshoe region.

The government says the changes will help deter non-resident investors from speculating on the housing market, which will help make home ownership more attainable for Ontario residents.

The changes to the Non-Resident Speculation Tax rate will take effect today.

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