Ontario Introduces Legislation to Help Homebuyers and Seniors
Province Making Housing and Public Transit More Affordable
Ontario has introduced legislation that would, if passed, increase housing affordability for people in the Greater Golden Horseshoe (GGH) and make public transit more affordable for seniors across the province.
The Budget Measures Act (Housing Price Stability and Ontario Seniors' Public Transit Tax Credit), 2017 would:
- Implement a 15-per-cent Non-Resident Speculation Tax (NRST) on non-Canadian citizens, non-permanent residents and non-Canadian corporations buying residential properties in the Greater Golden Horseshoe. The NRST - part of Ontario's new Fair Housing Plan - would help address unsustainable demand in the region, while ensuring Ontario continues to be a place that welcomes all new residents.
- Enact a new Ontario Seniors' Public Transit Tax Credit that would make public transit more affordable for seniors throughout the province. Starting July 1, 2017, the refundable credit would be equal to 15-per-cent of a senior's eligible public transit costs.
Making housing and public transit more affordable is part of our plan to create jobs, grow our economy and help people in their everyday lives.
- Ontario’s Fair Housing Plan introduced 16 comprehensive measures to make housing more affordable for homebuyers and renters, while bringing stability to the real estate market and protecting the investment of homeowners.
- The NRST would apply to residential properties purchased or acquired on or after April 21, 2017 in the GGH.
- As announced in the Budget, exemptions from the NRST are intended for refugees, nominees under the Ontario Immigrant Nominee Program, or if the purchaser jointly acquires the designated land with a spouse who is a Canadian citizen, permanent resident of Canada, refugee or nominee.
- Rebates of the NRST are intended to be available for homebuyers who obtain permanent residency within four years of purchasing or acquiring their home; rebates are also intended to be available for foreign nationals working in Ontario for a continuous period of at least one year, and international students enrolled in an approved institution for at least two years from the date of purchase or acquisition.
- The Ontario Seniors’ Public Transit Tax Credit would apply for the 2017 and subsequent tax years. However, for the 2017 taxation year only payments for the use of public transit services between July 1 and December 31 would be eligible for the credit.
“With a growing economy and a balanced budget, we are investing in key services and programs while finding ways to reduce everyday costs for families. These include addressing recent price increases in our housing market and helping seniors stay engaged in their communities by reducing travel costs when they use public transit.”