Provincial Deed Transfer Tax
As you may have heard, there is now an additional Provincial Deed Transfer Tax payable by home buyers who are not residents of Nova Scotia.
The tax is 5% of the purchase price or the assessed value of the property, whichever is greater. This is applicable to all non-resident purchases, and gifts of property - Payable at the time of closing.
There are some limited exceptions such as:
- Non-resident moving into the property within 6 months of the closing date.
- Transfers between spouses.
- Property inherited under a valid will.
- Rental properties with more than 3 units.
- 50% or more of the owners of the property are residents of Nova Scotia.
- Buyer is a registered charity.
- It is a commercial or resource property.
If you are claiming the 6 month residency exemption you must submit a form confirming your residency when you move here - if you do not you will be liable to pay the tax, as well as interest on the payment.
More detailed information can be found here:
By: Briana C. O’Grady J.D
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