Land Transfer Tax Calculator
Looking to calculate your land transfer tax in the Nunavut Territory? 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 Nunavut Territory, buyers pay less costly land titles tariffs.
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 Nunavut Territory
The Land transfer tax (LTT), known territorially as land titles tariffs in Nunavut, is calculated based on your property’s purchase price and the mortgage you place on this property on your closing.
Nunavut Territory Land Titles Tariffs (LTT)
|Up to $1,000,000||$1.50 / $1,000 (minimum $60)|
|$1,000,000 +||$1500 + $1 / $1,000|
|All values||$1 / $1,000 (minimum $40)|
Sample Land Titles Tariffs Calculation
Let’s calculate your land titles tariffs in Nunavut Territory if you purchase a home for $500,000 with a mortgage of $400,000
The property portion is $1.50 per $1,000 on property values up to $1,000,000
$500,000 / $1,000 x $1.50 = $750
The mortgage portion is $1 per $1,000 in the mortgage balance
$400,000 / $1,000 x $1.00 = $400
The total land titles tariffs are $1,150.
Nunavut Territory Land Titles Tariffs (LTT) Rebate
At this time, Nunavut Territory does not offer first-time home buyers land title transfer fee rebates or exemptions.
Nunavut Territory & Federal Taxes, Rebates and Regulations
Nunavut Territory has very simple land titles tariffs. 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 Nunavut Territory 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).
Nunavut Downpayment Assistance Program (NDAP) provides financial contributions towards a down payment to assist Nunavummiut in becoming homeowners through purchasing or constructing a home. A personal financial (mortgage equity) contribution by the client, when combined with NDAP, will ensure that clients meet the minimum down payment requirement of conventional mortgage lenders. NDAP is offered as a forgivable 2nd mortgage over 10 years. There is no forgiveness in the first 5 years. Review in detail for suitability and a full list of limitations.
Home Renovation Program (HRP) financially supports Nunavut homeowners to repair, renovate or upgrade their homes. The NHC will contribute in the form of a forgivable loan to cover the cost of materials, freight and labour to a maximum amount of $65,000, depending on household income, provided that any amount exceeding $50,000 is used specifically for energy-efficient improvements. Funding shall be allocated to homeowners based on a sliding scale. Maximum contribution amounts shall be set relative to household income as a percentage of the HPIE limit for their community.
Renewable Energy Homeowner Grant Program (REHGP) assists homeowners in installing a solar renewable energy system. The goals are to reduce the load on electricity grids in communities, increase self-reliance, and decrease greenhouse gas (GHG) emissions throughout the territory. Homeowners are eligible for a non-repayable grant of up to 50% of total project costs, up to a maximum of $30,000, whichever amount is the lesser of the two.
Nunavut Property Taxes
Property tax is a levy based on the property’s assessed value, payable to your municipality per their schedule.
Property Taxes are based on assessments completed by the Community & Government Services Planning and Land Division to determine the value of land, improvements made to the land, mobile units, pipelines, works and transmission lines. Property
Click on your municipality below for more details on tax rates, payment schedules and contact information.
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