Tax and Ownership Rules

Last updated 7 September 2026. Written by Jatin Dua, Broker of Record at RE/MAX Quantum Realty, 799 The Queensway, Etobicoke. […]

Last updated 7 September 2026. Written by Jatin Dua, Broker of Record at RE/MAX Quantum Realty, 799 The Queensway, Etobicoke.

An inherited property carries a date that matters more than any other number: the date of death. Here is how the tax, the trustee duties and the vacant home tax actually work.

On a $5 million Toronto purchase, land transfer tax alone is $271,450 in cash on closing. Here is the complete list of what leaves your account and what each item actually is.

Corporate and trust ownership of a home rarely does what people hope. It usually forfeits the principal residence exemption, delivers no anonymity, and can trigger a 25% speculation tax.

The federal Underused Housing Tax no longer applies for 2025 and later years. Filing obligations for 2022 to 2024 still stand — and Toronto’s own 3% Vacant Home Tax is entirely unaffected.

The proposed inclusion rate increase was cancelled in March 2025. The principal residence exemption still has no dollar cap. And the 365-day flipping rule catches more people than expected.

Three per cent of assessed value, every year, on any Toronto home deemed vacant — and failing to file the annual declaration is what causes most of the bills.

Ontario’s Non-Resident Speculation Tax is 25% of the purchase price and applies province-wide. Here is who pays it, what it applies to, and how the exemptions and rebate actually work.

Three levels of government now stand between a non-Canadian and a Toronto house. Here is the full stack — the federal ban, Ontario’s 25% NRST and Toronto’s 10% MNRST — with the arithmetic.