Nova Scotia Tories Pass Tax Targeting Foreign Property Owners
The Nova Scotia Progressive Conservative government’s first budget includes tax measures aimed at about 27,000 non-resident property owners, including both foreigners and Canadians from out of the province.
Two measures introduced in Tuesday’s budget are projected to raise $81 million to help make housing more available in the province by taxing cottage owners and others who live outside the province.
Effective April 1, a transfer tax of 5% of the property’s value will be levied on non-residents of the province who buy a property and do not move to the province within six months of the closing date.
In addition, property taxes of $2 per $100 of assessed value of residential properties owned by non-residents will be levied. The tax won’t apply to buildings with more than three units or those rented to Nova Scotians year round.
Finance Minister Allan MacMaster said in his budget address that it’s an economic plan “for all the people and their families who waited for a doctor, a surgery, a nursing home room, a place to live.”