Land Transfer Tax Calculator
Looking to calculate your land transfer tax in New Brunswick? Before you finalize your home purchase, you’ll want to ensure that you’ve put enough money aside to cover items associated with closing the deal.
Land transfer tax (LTT) is one of the largest costs associated with the closing of your home, often overlooked when calculating your total purchase amount. There may be several fees and closing costs related to transferring the property from seller to buyer. It would be best if you prepared to avoid any unpleasant surprises.
Like most other provinces, New Brunswick charges a land transfer tax that homebuyers will pay.
nesto’s Land Transfer Calculator will help simplify your budgeting efforts for all the costs associated with your homebuying process.
New Brunswick land transfer tax calculator
Land transfer tax rates in New Brunswick
The Land transfer tax (LTT), known provincially as Real Property Transfer Tax in New Brunswick, is calculated based on the purchase price of your property.
New Brunswick Real Property Transfer Tax (RPTT)
|Property Value||Real Property Transfer Tax|
|All values||1% of property value|
Note: You may use our Land Transfer Calculator to estimate your required land transfer tax for New Brunswick; however, the final value must be confirmed with your solicitor.
New Brunswick Real Property Transfer Tax (RPTT) Fee Rebate
There are no rebates available to residents of New Brunswick.
New Brunswick & Federal Taxes, Rebates and Regulation
New Brunswick has simplified land transfer taxes and offers no rebates. Though full exemptions are available certain types of transfer requirements are met. Please review in detail to see if these additional taxes impact you. We have included links to the taxes and additional links if any programs exist for rebates.
The federal government announced a measure to prohibit non-Canadians from purchasing residential property in Canada for 2 years in Budget 2022. The legislation known as the Prohibition on the Purchase of Residential Property by Non-Canadians Act was passed on June 23, 2022. This law will come into effect on January 1, 2023, for two years ending on December 31, 2025.
HST in New Brunswick is 15%, made up of 5% GST and 10% PST. The amount of rebate you can receive for the GST Portion is 36% of the GST tax amount up to a maximum of $6,300. There is no rebate for the provincial tax portion as of 2023. You may be able to recover some of the GST paid through the federal government’s New Housing Rebate (NHR). You may be eligible for an exemption from paying this tax if you meet certain conditions if this home is your primary residence. Conversely, if you plan to rent out the newly built home, then you may be able to claim the GST as a legitimate business expense. As well as applying to the CRA for the second type of rebate designed for real estate investors, the New Residential Rental Property Rebate (NRRPR).
Home Ownership Program is a government-sponsored program that provides financing to first-time homebuyers. This initiative offers a repayable loan worth up to 40% of the purchase price of an existing house or $75,000 for new builds. It is open to individuals with household incomes below $40,000 who have resided in the province for 12 months. The loan must be repaid, and the interest rate caps out at the prevailing provincial rate. The loan and mortgage must be amortized over 25 years or less and not exceed a lending ratio of 42% of income.
New Home Energy Savings Program lets you access up to $10,000 in incentives for energy efficiency updates and savings in your new home. Please review the program guidelines fully to understand the value that it could provide for you. Various other energy efficiency programs are available through the province – check out in detail to see if they could help you.
Provincial Sales Tax (PST) is not collected in New Brunswick by your solicitor on the amount of your default (high ratio) mortgage insurance. An insured mortgage is qualified as such when your down payment is less than 20%. Therefore, you will need to purchase default (high ratio) insurance. Although this insurance is added to your mortgage, the taxes (PST) on purchasing this insurance are not. Your solicitor will collect and remit the PST on behalf of the default (high ratio) insurer (CMHC, Sagen, or Canada Guaranty) upon closing.
New Brunswick Property Taxes
Property tax is a levy based on the property’s assessed value, payable to the Minister of Finance per their schedule.
Property taxes are calculated based on the fair property selling value as of January 1 of the same year – and assessed through NB Property Assessment.
Click on your municipality below for more details on tax rates, payment schedules and contact information.
How nesto works
At nesto, all of our commission-free mortgage experts hold professional designations from one or more provinces concurrently. We believe that our clients will receive the best advice and care when they speak with specialists that exceed the industry status quo.
Unlike the industry norm, our agents are not commissioned but salaried employees. This means you’ll get free, unbiased advice on the most suitable mortgage solution for your unique needs. Our advisors are measured on the satisfaction and quality of advice they provide to their clients.
nesto’s working hard to change how the mortgage industry functions. We start with honest and transparent advice, followed by our best rates upfront. We can offer you these best rates by using technology by providing a virtual and 100% online process to reduce our overhead costs.
By working remotely across Canada, all our mortgage experts and staff spend less time commuting to work and more time with their friends and family. This makes for more dedicated employees and, in turn, contributes to our success with happy and satisfied clients.
nesto is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish.
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