Budget 2022/2023 – New taxes that will impact BUYERS

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. NSAR has continually expressed concerns that the increased taxes will have unintended and negative consequences on Nova Scotia’s economy, tripling owners' taxes and causing a serious impact on construction and service industries, particularly in rural Nova Scotia.
Earlier this week, NSAR met with the Honourable Allan MacMaster, Minister of Finance, as well as senior staff in the Finance Department to once again share member and client concerns about the proposed taxes. Unfortunately, our advocacy on this issue was unsuccessful.


What does this mean BUYERS?
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.

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Categories:   1-Halifax Central, Halifax-Dartmouth Real Estate | 12-Southdale, Manor Park, Halifax-Dartmouth Real Estate | 13-Crichton Park, Albro Lake, Halifax-Dartmouth Real Estate | 15-Forest Hills, Halifax-Dartmouth Real Estate | 16-Colby Area, Halifax-Dartmouth Real Estate | 17-Woodlawn, Portland Estates, Nantucket, Halifax-Dartmouth Real Estate | 2-Halifax South, Halifax-Dartmouth Real Estate | 20-Bedford, Halifax-Dartmouth Real Estate | 21-Kingswood, Haliburton Hills, Hammonds Pl., Halifax-Dartmouth Real Estate | 21-Kingswood, Haliburton Hills,, Halifax-Dartmouth Real Estate | 25-Sackville, Halifax-Dartmouth Real Estate | 3-Halifax North, Halifax-Dartmouth Real Estate | 30-Waverley, Fall River, Oakfiel, Halifax-Dartmouth Real Estate | 30-Waverley, Fall River, Oakfield, Halifax-Dartmouth Real Estate | 31-Lawrencetown, Lake Echo, Porters Lake, Halifax-Dartmouth Real Estate | 4-Halifax West, Halifax-Dartmouth Real Estate | 40-Timberlea, Prospect, St. Margaret`S Bay, Halifax-Dartmouth Real Estate | 403-Hants County, Annapolis Valley Real Estate | 5-Fairmount, Clayton Park, Rocki, Halifax-Dartmouth Real Estate | 5-Fairmount, Clayton Park, Rockingham, Halifax-Dartmouth Real Estate | 6-Fairview, Halifax-Dartmouth Real Estate | 7 Tips for Saying Goodbye to Sentimental Belongings | 7-Spryfield, Halifax-Dartmouth Real Estate | 8-Armdale/Purcell's Cove/Herring, Halifax-Dartmouth Real Estate | 8-Armdale/Purcell`s Cove/Herring Cove, Halifax-Dartmouth Real Estate | Banana Bread | Deed Transfer Taxes | Final Walk Through | Halifax Real Estate | Hants County, Annapolis Valley Real Estate | Home Buyers | My big WHY

Budget 2022/2023 – New taxes that will impact BUYERS

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. NSAR has continually expressed concerns that the increased taxes will have unintended and negative consequences on Nova Scotia’s economy, tripling owners' taxes and causing a serious impact on construction and service industries, particularly in rural Nova Scotia.
Earlier this week, NSAR met with the Honourable Allan MacMaster, Minister of Finance, as well as senior staff in the Finance Department to once again share member and client concerns about the proposed taxes. Unfortunately, our advocacy on this issue was unsuccessful.


What does this mean BUYERS?
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.

Read full post
Categories:   1-Halifax Central, Halifax-Dartmouth Real Estate | 12-Southdale, Manor Park, Halifax-Dartmouth Real Estate | 13-Crichton Park, Albro Lake, Halifax-Dartmouth Real Estate | 15-Forest Hills, Halifax-Dartmouth Real Estate | 16-Colby Area, Halifax-Dartmouth Real Estate | 17-Woodlawn, Portland Estates, Nantucket, Halifax-Dartmouth Real Estate | 2-Halifax South, Halifax-Dartmouth Real Estate | 20-Bedford, Halifax-Dartmouth Real Estate | 21-Kingswood, Haliburton Hills, Hammonds Pl., Halifax-Dartmouth Real Estate | 21-Kingswood, Haliburton Hills,, Halifax-Dartmouth Real Estate | 25-Sackville, Halifax-Dartmouth Real Estate | 3-Halifax North, Halifax-Dartmouth Real Estate | 30-Waverley, Fall River, Oakfiel, Halifax-Dartmouth Real Estate | 30-Waverley, Fall River, Oakfield, Halifax-Dartmouth Real Estate | 31-Lawrencetown, Lake Echo, Porters Lake, Halifax-Dartmouth Real Estate | 4-Halifax West, Halifax-Dartmouth Real Estate | 40-Timberlea, Prospect, St. Margaret`S Bay, Halifax-Dartmouth Real Estate | 403-Hants County, Annapolis Valley Real Estate | 5-Fairmount, Clayton Park, Rocki, Halifax-Dartmouth Real Estate | 5-Fairmount, Clayton Park, Rockingham, Halifax-Dartmouth Real Estate | 6-Fairview, Halifax-Dartmouth Real Estate | 7 Tips for Saying Goodbye to Sentimental Belongings | 7-Spryfield, Halifax-Dartmouth Real Estate | 8-Armdale/Purcell's Cove/Herring, Halifax-Dartmouth Real Estate | 8-Armdale/Purcell`s Cove/Herring Cove, Halifax-Dartmouth Real Estate | Banana Bread | Deed Transfer Taxes | Final Walk Through | Halifax Real Estate | Hants County, Annapolis Valley Real Estate | Home Buyers | My big WHY