Land Transfer Tax Calculator
Looking to calculate your land transfer tax in the Northwest Territories? 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, as well as the territories, charge land transfer taxes or fees which homebuyers will pay. But, in the Northwest Territories, buyers pay a less costly land titles fee.
nesto’s Land Transfer Calculator will help simplify your budgeting efforts for all the costs associated with your homebuying process.
Land transfer tax rates in NWT
The Land transfer tax (LTT), known territorially as Land Titles Fee in the Northwest Territories, is calculated based on your property’s purchase price and the mortgage you place on this property on your closing.
Northwest Territories Land Titles (LT) Fee
|Up to $1,000,000||$2 per $1,000 (minimum $100)|
|$1,000,000 +||$2000 + $1.50 per $1,000|
|All values||$1.50 per $1,000 (minimum $80)|
Sample Land Titles Fee Calculation
Let’s calculate your land titles fee in Northwest Territories if you purchase a home for $500,000 with a mortgage of $400,000.
The property portion is $2.00 per $1,000 on property values up to $1,000,000
$500,000 / $1,000 x $2.00 = $1,000
The mortgage portion is $1.50 per $1,000 in the mortgage balance
$400,000 / $1,000 x $1.50 = $600
The total land titles fees are $1,600.
Northwest Territories Land Titles (LT) Fee Rebate
At this time, Northwest Territories does not offer first-time home buyers land title transfer fee rebates or exemptions.
NWT & Federal Taxes, Rebates and Regulations
Northwest Territories has very simple land titles fees. Please review in detail to see if these additional fees 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.
Goods and Services Tax (GST) of 5% is payable in the Northwest Territories on constructing or purchasing a newly constructed home. 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 are no provincial or retail taxes in the territories. 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 an opportunity for clients to become homeowners by assisting in purchasing a modest home. The client is responsible for obtaining their portion of project financing through an approved financial institution. Clients receive down payment assistance through a forgivable loan subsidizing the cost of purchasing a home. For eligible applicants, assistance is 5% of the purchase price or Maximum Construction Costs (MCC), whichever is less. Please check out program details for all restrictions.
NWT Property Taxes
Property tax is a levy based on the property’s assessed value, payable to your municipality per their schedule.
Click on your municipality below for more details on tax rates, payment schedules and contact information.
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