Nova Scotia has announced that it will no longer implement a new tax on residential property owners who are not residents of Nova Scotia. However, the province says it is proceeding with the Non-Resident Deed Transfer Tax as planned. Under this measure, non-Nova Scotia residents are generally subject to a new deed transfer tax of 5% of the value of residential real property purchased in the province, with certain exceptions. This new tax applies to transfers on or after April 1, 2022, unless the agreement of purchase and sale was entered into before that date. The Non-Resident Property Tax and Deed Transfer Tax were both originally announced in Nova Scotia's 2022 budget.
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Information is current to May 9, 2022. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500