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Provincial Land Transfer Taxes and Registration Fees / 175

(8) New Brunswick levies land transfer tax on registered transfers of land based on the

greater of the value of the property being transferred and the value of consideration

furnished. Exemptions may apply to certain mortgages, leases under 25 years, transfers

to the Crown, a Crown agency or a Crown corporation, transfers to a registered charity,

and transfers from an executor or administrator to beneficiaries under a will or from an

administrator to heirs under intestacy.

(9) Nova Scotia levies land transfer tax on deeds transferring land if required by municipal

by-law, based on the rate stipulated by the municipality and the value of the property

being transferred. Exemptions may apply to certain mortgages, leases under 21 years, and

transfers between family members.

(10) Prince Edward Island levies a registration fee on applications for land-holding permits by

resident corporations, or non-resident individuals or corporations, for the purchase of land

if the aggregate land holdings exceed five acres or includes shore frontage exceeding

165 feet. The minimum fee is $550. The fee, however, is limited to $550 on certain

transfers between non-resident related persons and corporations. Registration of a deed

transferring real property is subject to real property transfer tax based on the greater of the

consideration for the transfer and the assessed value. Exemptions may apply to property

if the greater of these two amounts does not exceed $30,000, or $200,000 for first-time

home buyers of a principal residence. Exemptions may also apply to:

• Certain transfers between family members

• Certain mortgages

• Transfers between persons and their wholly owned corporations

• Transfers between corporations if both corporations are wholly owned by the same

person, either directly or through another wholly owned corporation

• Transfers of property to the Crown, a municipality or a registered non-profit

organization

• Certain transfers to a trustee in bankruptcy

• Certain transfers to a spouse or former spouse pursuant to a written separation

agreement or court order

• Transfers from an executor or administrator to beneficiaries under a will or from an

administrator to heirs under intestacy

• Transfers from a registered non-profit organization to the recipient as a gift, donation

or prize.

(11) Newfoundland and Labrador levies a registration fee on transfers of interests in land,

mortgages and other charges, based on the value of the property being transferred.

Current as of May 3, 2013