Newfoundland & Labrador
Land Transfer Tax Calculator
Looking to calculate your land transfer tax in Newfoundland? 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 fees 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.
Most provinces charge a land transfer tax which homebuyers will pay. But, in Newfoundland, buyers pay a less costly fee known as a Registration of Deeds and Prescribed Fees.
nesto’s Land Transfer Calculator will help simplify your budgeting efforts for all the costs associated with your homebuying process.
Newfoundland land transfer tax calculator
Land transfer tax rates in Newfoundland
The Land transfer tax (LTT), known provincially as Registration of Deeds and Prescribed (RDP) Fees in Newfoundland, is calculated based on the purchase price of your property and the mortgage that you place on this property on your closing.
The total fee consists of two parts: one based on the value of the property and one based on the mortgage amount. Both fees are charged at a base fee of $100 to cover a sale price of $500 and an additional $0.40 thereafter for each $100. The total is limited to $5000 maximum. The fee must be paid in full for the property to be registered.
Newfoundland Registration of Deeds and Prescribed (RDP) Fees
|Property Registration Fee||Fee|
|First $500||$100 base|
|$500 +||$0.40 / $100|
|Mortgage Registration Fee||Fee|
|First $500||$100 base|
|$500 +||$0.40 / $100|
Note: You may use our Land Transfer Calculator to estimate your required land transfer tax for Newfoundland; however, the final value must be confirmed with your solicitor.
Newfoundland Registration of Deeds & Prescribed (RDP) Fees Rebate
There is no rebate for first-time home buyers. However, they can get an exemption if the property is registered on behalf of the Crown or non-profit airport authority.
Newfoundland & Federal Taxes, Rebates and Regulations
Newfoundland has the most simplified and lowest land transfer taxes of all provinces; in tandem, it does not offer provincially any rebates. 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 Newfoundland 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 has yet to be a 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 Purchase Program provides grants of $3,000 toward the down payment of a newly constructed or never-before-purchased home valued up to $400,000 (including HST). However, this program is no longer in place – please check the source to see if this program has been reinstated.
Newfoundland Housing Programs is a provincial site which provides more details on various programs available to renters, homebuyers and homeowners on financial assistance to residents of the province.
Newfoundland Property Taxes
Property tax is a levy based on the property’s assessed value, payable to your municipality per their schedule.
Municipal property taxes are calculated using the Municipal Assessment Agency.
Click on your municipality below for more details on tax rates, payment schedules and contact information.
|St. John’s||Conception Bay South||Paradise||Corner Brook|
|Mount Pearl||Happy Valley-Goose Bay||Labrador City||Gander|
How nesto works
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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.
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nesto is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish.
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