Home buying costs in New Brunswick
Land transfer tax, registration fees and closing costs in New Brunswick, calculated from the province's own published schedule.
Land transfer tax
1% of the greater of the consideration for the transfer and the assessed value, for deeds registered on or after 1 April 2016. It is flat rather than banded, so the whole price is charged at the same rate.
| On the portion | Rate |
|---|---|
| Above $0 | 1.00% |
| Purchase price | Transfer tax |
|---|---|
| $400,000 | $4,000 |
| $650,000 | $6,500 |
| $900,000 | $9,000 |
| $1,200,000 | $12,000 |
Sales tax on the mortgage insurance premium
New Brunswick charges no sales tax on the mortgage default insurance premium. Only Ontario, Quebec and Saskatchewan do.
First-time buyers
- No first-time buyer exemption. The Real Property Transfer Tax Act sets out fourteen classes of exempt instrument, covering transfers to the Crown, to charities, between spouses and under a mortgagee's power of sale. A first purchase is not among them. Read the rules
Sales tax on a vehicle
A single 15% harmonized sales tax. A trade-in comes off the price before tax is charged. See the car payment calculator.
Work it out for your own purchase
Income tax differs by province too, and it changes what you actually have to spend far more than transfer tax does.
See what a salary comes to in New Brunswick with Salary After Tax
Sources
- Real Property Transfer Tax Act, R.S.N.B. c. R-2.1 · Province of New Brunswick · checked