• Steinbach 204.326.3442 - 85 PTH 12 North, Steinbach, MB, R5G 1A7
  • Niverville 204.388.9300 - Box 1120, 62 Main Street, Niverville, MB, R0A 1E0
 

Buying a Home: Land Transfer Tax

Land transfer tax is paid by a buyer of real estate in Manitoba. There are only very limited exceptions to the payment of land transfer tax. For example, an “interspousal” transfer of land between spouses or common-law partners is typically exempt from land transfer tax, and the sale of farmland to another farmer, as defined by the applicable legislation, who will use the land for farming is usually exempt from land transfer tax. Land transfer tax is calculated based on the fair market value of the property (usually the purchase price) and the percentage used by the provincial government to calculate land transfer tax differs based on the value of the home. For example, a buyer purchasing a home valued at $100,00.00 pays $485 land transfer tax, a purchaser of a home valued at $200,000 would pay $1,735, and a buyer of a home over $200,000 in value would pay $1,735 plus 2% of any amount over $200,000.

Notice: The articles on our website are provided for general information purposes only and should not be relied upon as legal advice or opinion. They reflect the current state of the law as at the date of posting on the website, and are subject to change without notice. If you require legal advice or opinion, we would be pleased to provide you with our assistance on any of the issues raised in these articles.

 
organism-mainframe
organism-mainframe
organism-mainframe
organism-mainframe