When we all pay house taxes, we will hear some professional vocabulary. If you are a layman, it is difficult to figure out the doorway. Today we will talk about real estate. Many home buyers are confused about the big tax. How is the professional term "big real estate tax" classified? So, how much is the real estate tax? What is the Canadian property tax? Next let’s take a look at the article.

How much is the real estate tax?

Deed tax: 1.5% of transaction price or appraised value (higher) (3% for commercial buildings or larger than 144 square meters), transaction service fee: 3 yuan for building area (square meters), transaction stamp tax : 0.05% of transaction price or appraised price (whichever is higher), property rights transfer registration fee: 50 yuan (add 10 yuan for each additional person, 80 yuan for each buyer), personal income tax: transaction price or appraised price (whichever is higher) 1% (exemption applies if the converted house has been used for self-use for five years or more and is the only house used for living).

How much is the property tax in Canada?

1. Non-residents of Canada are generally taxed only on their Canadian-source income, including profits or gains derived from the disposal of land. Disposal of real estate in Canada by a non-resident triggers the Income Tax Act (Canada) which requires the purchaser to withhold a portion of the purchase price of the real estate until the seller provides the purchaser with adequate tax certification. The authority confirmed it had received assurances that it would be able to collect applicable income tax owed by the supplier on the sales.

2. Real estate transfers in most Canadian jurisdictions are also subject to land transfer tax, which is levied at the provincial and municipal levels. In some cities, such as Toronto, Ontario, the municipality levies a land transfer tax along with a tax levied by the province.

3. This tax rate varies across the country, from a high of 4% on the price of certain residential properties (combined municipal and provincial rates) in Toronto to no tax in Alberta. In addition, transfers of commercial and new residential construction are subject to goods and services tax (or equivalent tax) in certain provinces, and the seller is responsible for collecting the tax from the buyer.

4. Effective August 2, 2020, foreign citizens or foreign companies purchasing residential properties in Vancouver shall pay a new tax of 15% of the fair market value. This tax is in addition to the existing land transfer tax. , the result is that foreign buyers will pay a residential property transfer tax of 16% to 18%.

The above is the entire content that the editor has explained to you about how much the real estate tax is and how much the Canadian real estate tax is. I hope it can bring you some reference value. The method of collecting property tax is different in every country. Especially in some developed countries, the property tax collection model is very different from that in China.