Ontario Passes Legislation to Help Homebuyers and Seniors
Province Addressing House Prices and Making Public Transit More Affordable
Today Ontario passed legislation that will increase housing affordability for people in the Greater Golden Horseshoe and reduce the cost of public transit for seniors across the province.
The Budget Measures Act (Housing Price Stability and Ontario Seniors' Public Transit Tax Credit), 2017, includes a 15-per-cent Non-Resident Speculation Tax (NRST) on non-Canadian citizens, non-permanent residents, non-Canadian corporations and taxable trustees buying residential properties in the Greater Golden Horseshoe. The NRST - part of Ontario's Fair Housing Plan - will help address unsustainable demand in the region, while ensuring Ontario continues to be a place that welcomes all new residents.
The Act also includes a new Ontario Seniors' Public Transit Tax Credit that will help seniors use transit systems in all regions of the province. Starting July 1, 2017, the refundable credit will be equal to 15 per cent of a senior's eligible public transit costs for anyone aged 65 or older.
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 applies to residential properties purchased or acquired on or after April 21, 2017 in the Greater Golden Horseshoe.
- As announced in the 2017 Ontario 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.
- NRST rebates 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 non-Canadian citizens and non-permanent residents of Canada working in Ontario for a continuous period of at least one year since the date of purchasing or acquiring their home, and international students enrolled full-time in an approved institution at a campus located in Ontario for a continuous period of at least two years from the date of purchasing or acquiring their home.
- The Ontario Seniors’ Public Transit Tax Credit applies for the 2017 and subsequent tax years. However, for the 2017 taxation year only costs for the use of public transit services between July 1 and December 31 will be eligible for the credit.
“Our government is working to make life more affordable for everyone in Ontario. This legislation will help to both address the recent price increases in our housing market and make it easier for seniors to stay connected to their communities by reducing travel costs when they use public transit.”