NB Land Transfer Tax
Well all good things must come to an end, back in 2015 I was boasting about the NB land transfer tax being one of the lowest in the country at 0.50%. Well as of April 1, 2016 this doubled and is now 1.00%. Depending on the price or tax assessed value of the home you are buying this could have a significant impact on your closing costs. Your lawyer will collect this amount from you and submit it to the Province of NB on your behalf. Wait for it, I know you are going to ask the question, lol. Unfortunately this amount can not be added into the mortgage. Sorry.