
Provincial Taxes and Benefits
All Canadian area specific fees, taxes, and rebates at your finger tips
Navigating Provincial Taxes and Benefits: Your Home Buying Guide
Buying a home is an exciting journey, but it's essential to be aware of the provincial taxes, fees, and potential benefits specific to your region. We've compiled a comprehensive list of Canadian provinces, their associated taxes, and available benefits, keeping in mind that these details may change over time (we'll do our best to keep them updated).
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Provincial Taxes and Benefits at a Glance:
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Provincial Taxes: Every Dollar Counts
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In addition to the standard closing costs associated with purchasing a home, you'll need to consider provincial or municipal charges, which can vary depending on your location. While these costs are a necessary part of the process, it's important to be aware of them upfront.
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Moreover, many provinces offer tax credits or rebates (in addition to federal ones) to eligible homebuyers, particularly first-time buyers. These benefits can significantly impact your financial situation. To get personalized details regarding your situation, reach me at MortgagePal.
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Provincial Breakdown:
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Alberta
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Taxes or Fees:
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Land Title Transfer Fee
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5% GST on New Builds
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Rebates or Benefits:
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None
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British Columbia
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Taxes or Fees:
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5% GST on New Builds
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Property Transfer Tax
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Non-Resident Transfer Tax
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Rebates or Benefits:
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FTHB Exemption
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Newly Built Home Exemption
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First Nations Exception
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BC Home Owner Grant
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Manitoba
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Taxes or Fees:
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5% GST on New Builds
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Land Transfer Tax
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Rebates or Benefits:
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Rural Homeownership Program
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New Brunswick
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Taxes or Fees:
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5% GST on New Builds
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Real Property Transfer Tax
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Rebates or Benefits:
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Home Ownership Program
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Newfoundland & Labrador
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Taxes or Fees:
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Registration of Deeds Fee
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5% GST on New Builds
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Rebates or Benefits:
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None
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Northwest Territories
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Taxes or Fees:
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Land Title Fees
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5% GST on New Builds
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Rebates or Benefits:
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None
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Nova Scotia
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Taxes or Fees:
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Non-Resident Deed Transfer Tax
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5% GST on New Builds
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Rebates or Benefits:
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6-Month Exemption for NRDTT
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Other Exemptions
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FTHB Rebate on Newly Built Home
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Down Payment Assistance Program
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Nunavut
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Taxes or Fees:
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5% GST on New Builds
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Land Title Tariff Fees
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Rebates or Benefits:
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None
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Ontario
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Taxes or Fees:
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5% GST on New Builds
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8% PST on Default Insurance
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Land Transfer Tax
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Non-Resident Speculation Tax
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Municipal Land Transfer Tax (Toronto only)
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Rebates or Benefits:
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FTHB Refund
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FTHB Rebate (Toronto only)
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Other Rebates (Toronto only)
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Prince Edward Island
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Taxes or Fees:
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5% GST on New Builds
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Real Property Transfer Tax
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Rebates or Benefits:
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FTHB Exemption
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Other Exemptions
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Down Payment Assistance Program
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Quebec
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Taxes or Fees:
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5% GST on New Builds
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9% PST on Default Insurance
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Property Transfer Duties (Welcome Tax)
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Rebates or Benefits:
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Home Buyers' Tax Credit
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Other Exemptions
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Home Buyer Assistance (Montreal only)
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Saskatchewan
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Taxes or Fees:
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5% GST on New Builds
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7% PST on Default Insurance
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Land Title Transfer Fee
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Rebates or Benefits:
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Exemptions for Purchase Price
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FTHB’s Tax Credit
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Yukon
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Taxes or Fees:
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5% GST on New Builds
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Land Title Fees
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Rebates or Benefits:
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None
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Please consult with me to receive personalized guidance on how these provincial taxes, fees, and benefits may apply to your unique home-buying situation. We're here to simplify the process and help you make informed decisions on your homeownership journey.