Duties on Transfers of Immovables
Listed below are the main aspects of this income source, commonly known as the “welcome tax”, which municipalities are required to collect under provincial legislation:
- For every property transaction, buyers are taxed according to the standardized property value or the sale price of the property. The amount of this duty is indicated by the notary at the time of the transaction.
- Provincial legislation now fixes the rate at
- 0.5% of the transaction value for the first $50,400;
- 1% of the transaction value for the above-$50,400-and-under-$251,800 bracket;
- 1.5% of the transaction value for the above-$251,800 bracket.