New tax on Nova Scotia Real Estate

By
Real Estate Agent with EXP Realty Canada Inc. NSREC# 9421

This afternoon the Provincial Government released a budget that included newly created Deed Transfer Taxes and increased Property Taxes for out-of-province buyers and owners.

Deed Transfer Tax: Effective April 1, 2022 the province will implement a Deed Transfer Tax of 5 per cent of the value of residential real property purchased by a non-resident of Nova Scotia. The tax will not apply to a transaction where the Agreement of Purchase and Sale was entered into prior to April 1, 2022. An exemption from the tax will be in place for non-resident purchasers who move to the province within 6 months of the closing date of the transaction.

Nova Scotia Non-Resident Property Tax: Effective for the 2022-23 fiscal year, the province will implement a Property Tax of $2.00 per $100 of assessed value on residential real property owned by a non-resident of Nova Scotia. The tax will not apply to residential properties that contain more than 3 units nor to residential properties that are leased to individual Nova Scotian residents for a period of at least 12 months. Where a property has multiple owners, an exemption from this tax is provided if 50 per cent or more of the owners are residents of Nova Scotia.

You can find out more information about these taxes on the Provincial Budget Website. 

Comments (1)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Tina,

I am always amazed how politicians find ways of taxing people.  Wishing a wonderful rest of the week.  A

Mar 29, 2022 03:57 PM
Tina Parker

Thanks. Especially when it won't affect the intent behind it. Have a wonderful weekend!

Apr 01, 2022 07:38 AM