Effective March 30th 2022, Teraview will be enhanced in accordance with the Ministry of Finance changes to calculate and collect the Non Resident Speculation Tax (NRST) rate and to cover applicable conveyances of all land in Ontario. Please see the Ministry of Finance bulletin for additional information.
WHAT WILL HAPPEN TO MY SIGNED WORK IN PROGRESS INSTRUMENTS?
Any signed Instruments that do not have an applicable NRST statement selected will receive an error at registration and will need to be updated and re-signed.
Any signed Instruments that have the applicable NRST statement selected will have the NRST calculated and collected upon registration. There will be no need to re-create or re-sign your Instruments.
Please review the Provincial Land Transfer Tax and NRST owing prior to registration to ensure you have enough funds in your bank account.
WHAT WILL HAPPEN TO INSTRUMENTS REGISTERED PRIOR TO MARCH 29th, 2022?
These Instruments will not be impacted by this change.