On October 24, 2022, the Ontario government announced that, effective October 25, 2022, the province’s non‑resident speculation tax (NRST) rate will increase further to 25% (from 20%). A transitional provision provides that the NRST rate will be 20% if the agreement of purchase and sale was entered into before October 25, 2022. This transitional provision will not apply if the land is conveyed to another person other than the purchaser or assignee (and their spouses).

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