Tax On First Home Purchase?

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webcite_99
Posts: 46
Joined: Fri Feb 18, 2005 8:45 pm

Tax On First Home Purchase?

Post by webcite_99 »

I've heard that in Quebec that there is a small tax (something like a Property Transfer Tax) to the buyer when you purchase a home, but I recently heard that there may be a separate tax if you are buying your first home.

If anyone could tell me what my approximate liability would be on let's say a $300,000 home in Montreal for a first time purchaser, I would be appreciative.

Also, does anything change if the first time home buyer is a Canadian citizen versus a US citizen?

Thanks,
Webcite

Rick
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

The 'land transfer tax' which is levied by the municipality has been around for years, it is also known as the welcome tax, and is due soon after closing.

It will work out to about 1%. This will be nothing compared to the municipal/school tax you will have to reimburse the previous owner for your share of the years tax bill.

http://www.ovalcreek.com/resources/landtransfer-pq.html

I do not know of any first-time buyer tax, an there would be no difference due to citizenship.

There are certain differences in the GST/PST that you will be charged depending on whether the home is new or not,but not based on whether it is your first purchase.


<i>nelsona non grata... and non pro</i>
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