The government of Ontario has passed legislation that aims to 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.