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Mortgage Info

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Old May 21st 2007 | 8:25 am
  #1  
budcolin's Avatar
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Wellington NS
 
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From: Nova Scotia
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Smile Mortgage Info

Hello All,

I've been checking rental accomodation in Nova Scotia and found there is no tax charges on your rental (goods or provincial tax).
Does this apply to mortgage payments also?
I'm aware of the property tax which i believe is equivalent to UK council tax.
My wife and I are off to Nova in 3 weeks time for a recce and we'll look into mortgages then.
Hopefully someone can shed light on this in the meantime.

Kind Regards Colin
 
Old May 21st 2007 | 9:33 am
  #2  
MB-Realtor's Avatar
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Default Re: Mortgage Info

There are no sales taxes on re-sale residential properties.

There is GST on Brand new build, or "substantial" renovations, a portion of this can be reclaimed.

There is no sales tax on the mortgage payments, but there may be tax charged on say the property valuation, or brokers charges if applicable.
 
Old May 22nd 2007 | 7:15 am
  #3  
budcolin's Avatar
Thread Starter
Wellington NS
 
Joined: Apr 2007
Posts: 596
From: Nova Scotia
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Default Re: Mortgage Info

Originally Posted by MB-Realtor
There are no sales taxes on re-sale residential properties.

There is GST on Brand new build, or "substantial" renovations, a portion of this can be reclaimed.

There is no sales tax on the mortgage payments, but there may be tax charged on say the property valuation, or brokers charges if applicable.
Thanks for the reply MB.That's one less thing to check out.

Regards Colin
 

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