Amendments to the Non-resident Deed Transfer Tax Act & Important Deadline Reminders for CPE & Licence Renewals
Amendments to the Non-resident Deed Transfer Tax Act
The Nova Scotia government recently announced amendments to the Non-resident Deed Transfer Tax Act.
A notable subsection added to Section 4 states:
(2) Every person who on or after July 1, 2023, tenders for registration in the Province a deed in respect of residential property that grants an ownership interest to one or more non-residents shall, before the deed is registered, pay to the Minister a deed transfer tax of five per cent of the greater of
(a) the sale price; and
(b) the assessed value of the residential property,
multiplied by the percentage ownership interest granted to each non-resident.
This Act is not administered by the Commission, but can impact trading in the province. Licensees must keep up to date with applicable legislation.
For All Amendments and More Information
To read the updated Non-resident Deed Transfer Act, click HERE.
To read the full list of amendments to the Non-resident Deed Transfer Act, click HERE and scroll down to Part III.
Important Deadline Reminders: CPE & Licence Renewals
If you have already completed the online course, Hot Market Topics, and renewed your licence(s), you can disregard the rest of this email.
Reminder that all licensees who fail to complete their mandatory CPE and/or renew their licence before the deadlines will have their licences terminate effective 12:00 am on July 1, 2023. If you let your licence terminate, you must immediately cease all trading activities, including taking down signage, advertising, and social media. To have your licence reinstated after the deadline has passed, you must apply to have your licence reinstated, pay the renewal fee, and be issued a licence, at which point you may resume trading activity.
Mandatory CPE Course: June 15
Licensees are required to complete the online course, Hot Market Topics, which is available via the NSAR Training Hub by 11:59pm on June 15, 2023.
Online Licence Renewals: June 30
The deadline for online licensing renewals is June 30, 2023. 1,251 licensees and 85 brokerages still need to complete their renewals and have been sent weekly reminder emails since renewals opened on May 10.
Brokers will be responsible for renewing the brokerage licence, audit fees, any branch office licences, their broker licence, and, if applicable, their approved sales corporation licence. Brokers can use the online portal to look up their own licensees to confirm they have renewed their licence.
All other licensees are responsible for renewing their real estate licence and, if applicable, their approved sales corporation licence. To verify if you have completed your licence renewal, you can check the licensee portal.
If you need help, the Licence Renewal Resource page is available with video tutorials, a user manual, and important information about payment methods and deadlines.