The province of Ontario has announced that it will collect additional information through the land transfer tax system to help it better understand trends in the real estate market. Persons who purchase or acquire land that contains one to six family residences or agricultural land are required to provide this additional information starting April 24, 2017. The prescribed information includes (but is not limited to) the following:
- whether the home is intended to be occupied by the person who purchases or acquires the land, or their family member(s), as their principal residence;
- the type of dwelling (detached, semi‑detached, condominiums, cottages, etc.);
- whether the property, in part or in whole, is intended to be leased out;
- residency, citizenship and permanent resident status, if the person who purchases or acquires the land is an individual;
- information about incorporation, ownership and control, if the purchasers are corporations; and
- information about beneficial owners, if the person who purchases or acquires the land is acting as a trustee, nominee or in a similar capacity.