Private islands in the Muskoka Lakes, Thousand Islands, or Georgian Bay are popular "recreational" targets that are exempt from the federal foreign bu... Read Moreyer ban. However, Ontario imposes a massive 25% Non-Resident Speculation Tax (NRST) province-wide on all residential land, including cottages and islands. Foreign buyers must also navigate the Underused Housing Tax (UHT), an annual 1% federal tax on the value of "vacant" foreign-owned property. Ownership is typically fee simple, but shorelines are often Crown land, limiting where you can legally build docks. Read Less