The Land Transfer Tax for Newfoundland, also called introduced by the government of Newfoundland as the Registration of Deeds Prescribed Fees , is amongst the lowest in Canada as the housing prices are relatively low. The total fee consists of two parts: one based on the value of the property and one based on the mortgage amount. In short, both fees are charged at a base fee of $100 to cover for a sale price of $500 and an additional $0.40 for each $100 after that. The maximum fee payable is $5,000. The property will not be registered until the fee is paid in full.
Although there is no rebate for first-time home buyers, you may be exempt from the tax if the property is being registered on behalf of the Crown or on behalf of a non-profit airport authority.
Property Value | Marginal Tax Rate |
---|---|
Less than $500 | Flat fee of $100 |
Above $500 | $100 plus an additional $0.40 for every $100 of part of $100 after |
Mortgage Value | Marginal Mortgage Fee Rate |
---|---|
Less than $500 | Flat fee of $100 |
Above $500 | $100 plus an additional $0.40 for every $100 of part of $100 after |
Visit our Canada Land Transfer Tax page to find out more information about land transfer and other taxes accross Canada.
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