Non-resident speculation tax changes effective April 21, 2017
The Law Society received a letter from the Ministry of Finance today which provides details about the April 21, 2017 implementation of the non-resident speculation tax changes.
LAWPRO encourages all lawyers who handle real estate transactions in Ontario to review this letter so they can take steps to comply with these changes. The letter indicates that lawyers must enter one of two statements manually in LTT Statement 9151. Entering the required statement in a signed document will remove the signature for completeness.
Also, further to our Alert sent yesterday on the new form in Teranet Express and new required statements in the transfer, we understand the Ministry will be issuing a further bulletin with clarifications.