If you’re planning on purchasing residential property in Nova Scotia, it's important to be aware that there is a new Deed Transfer Tax you’re required to pay if you’re not a resident of the province, called the Non-Resident Deed Transfer Tax.

If you move to Nova Scotia within six months, and provide proof that you’ve relocated within that six month time frame though, you don’t have to pay this tax! This exemption is granted on an individual basis. This means that if you were to move to Nova Scotia within the 6 months, but your spouse that you bought the home with does not, the tax will apply on your spouse’s ownership interest.

The Provincial Government just made changes to how this Tax is calculated. It is now calculated using the following formula: 

5% x the Total Ownership Interest being Transferred to Non-Residents x The Purchase Price or the Assessed Value of the Property (whichever is greater).

You can find more information on this Deed Transfer Tax on the Government of Nova Scotia's website.

If you'd like more information on buying or selling a home in Nova Scotia, please reach out to us anytime! Call or text us at 902-225-3196 or email us at allpoints@century21.ca.


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