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April 1, 2016: Change in the Real Property Transfer Tax Rate

 

Effective April 1, 2016, amendments to the Real Property Transfer Tax Act come into force providing for an increase in the real property transfer tax rate from 0.5% to 1%.

Transitional Rules:

-          For deeds registered before April 1, 2016, the current rate of 0.5% will apply.

-          For deeds registered after March 31, 2016, the new rate of 1% will apply.

-          For agreements of purchase and sale signed before February 3, 2016, the rate of 0.5% still applies, regardless of the date the deed is registered.

-          Important:  After March 31, 2016, purchasers will pay the 1% rate at the time of the transfer and may apply for a refund of the difference between the new and the old rates.

For more information about the change in the real property transfer tax rate, click here:  http://www2.gnb.ca/content/dam/gnb/Departments/fin/pdf/Taxes-Impots/PTN0417-ChangeInTheRealPropertyTransferTaxRate-ModificationDuTauxDeLaTaxeSurLeTransfertDeBiensReels.pdf

The refund application forms are accessible online:  

https://www.pxw1.snb.ca/snb7001/b/1000/CSS-FOL-PTX_01B.pdf

 

Find more information on buying or selling a house on our website: http://www.legal-info-legale.nb.ca/en/buying_or_selling_a_house