Nova Scotia Removes Non-Resident Property Tax

Written by Kevin Li

2022-05-06

Nova Scotia Removes Non-Resident Property Tax

While the tax on your home might seem straightforward when you are a resident of Canada. However, non-resident homeowners who own property in Canada have to pay a non-resident property tax in some provinces and territories.

The non-resident property tax is taxed on the assessed value of the property, but it is calculated differently than if you are a resident.

Non-resident property owners are more likely to be landlords and own properties to hold them for rental income.

The proposed non-resident property tax received mixed reviews from Nova Scotia homeowners. Some lauded it as a step in the right direction to cooling the province’s housing market while others pushed back, deeming it unfair.

A source of income for local governments

Property taxes are the most important source of revenue for local governments, as well as the most controversial due to what is perceived as high rates.

Property taxes are the most visible tax and may affect housing affordability if left unchecked.

The non-resident deed transfer tax, which was also introduced in the spring budget, will continue on as planned.

Read more about this in STOREYS.

Nova Scotia Removes Non-Resident Property Tax

A tax professional can help you understand what property tax to expect and how to make sure you are on the right side of the law.

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About The Author

Kevin Li

Kevin Li writes about home buying and home selling tips and news for Canadian homeowners and home buyers.