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When you a buy a house, condo or land in NWT you are subject to land transfer tax which is due upon closing. Use Ratehub.ca’s calculator to determine your applicable land transfer tax or view NWT's 2017 rates below and follow along with our sample calculation.
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The land transfer tax in the Northwest Territories are charged on the property value and the mortgage amount. The land transfer tax rates are as follows:
On the property value | Tax amount |
---|---|
$1,000,000 and less | $$1.50 for every $1,000 or part thereof (minimum charge of $100). |
Greater than $1,000,000 | $1,500 plus $1.00 for every $1,000 or part thereof greater than $1,000,000. |
On the mortgage amount | $1.00 for every $1000 or part thereof (minimum charge of $80). |
If you are purchasing a $1,005,500 home with a 20% down payment and $804,400 mortgage amount: