{"id":576,"date":"2022-07-15T09:14:36","date_gmt":"2022-07-15T13:14:36","guid":{"rendered":"https:\/\/joseesavoie.ca\/?page_id=576"},"modified":"2022-07-15T09:14:36","modified_gmt":"2022-07-15T13:14:36","slug":"quest-ce-que-la-taxe-de-bienvenue%e2%80%89","status":"publish","type":"page","link":"https:\/\/joseesavoie.ca\/en\/acheter-2\/quest-ce-que-la-taxe-de-bienvenue%e2%80%89\/","title":{"rendered":"What is the \u201cwelcome tax\u201d?"},"content":{"rendered":"<p><\/p>\n<p>Buying a house can be stressful. Not to mention that you also have to think about the welcome tax and other transaction-related taxes. Here is a small guide to the taxes that must be paid when you buy and own a house.<\/p>\n<p><strong>Welcome tax<\/strong><\/p>\n<p>The mere mention of this name is enough to make you cringe. Officially known as the \u201cproperty transfer tax\u201d, the welcome tax is payable as soon as you buy a new property.\u00a0<\/p>\n<p>How do you calculate this tax? The amount of transfer tax varies depending on the value of the property. And if you live in Montreal, the applicable rates are different.<\/p>\n<p>The\u00a0<a href=\"https:\/\/www.apnq.qc.ca\/taxe-de-bienvenue\">basis of imposition<\/a>, usually the purchase price, is used to calculate the tax. However, the property\u2019s market value is used as the basis of imposition when it is greater than the purchase price.\u00a0<\/p>\n<p>Except for Montreal, real estate transfer taxes are calculated throughout the province as follows:<\/p>\n<ul>\n<li>The applicable rate is 0.5% for the first $50,000.<\/li>\n<li>Between $50,000 and $250,000, the rate increases to 1.0%.<\/li>\n<li>The rate then increases to 1.5% for the portion exceeding $250,000.<\/li>\n<\/ul>\n<p>However, two additional price brackets are added for Montreal properties:<\/p>\n<ul>\n<li>For the portion between $500,000 and $1,000,000, the rate is 2%.<\/li>\n<li>The rate increases to 2.5% for the portion over $1,000,000.\u00a0<\/li>\n<\/ul>\n<p>Is it possible to avoid paying the welcome tax?<\/p>\n<p>Generally, no. However, there are\u00a0<a href=\"https:\/\/www.protegez-vous.ca\/partenaires\/chambre-des-notaires-du-quebec\/qui-peut-etre-exonere-de-la-taxe-de-bienvenue\">some exceptions<\/a>:<\/p>\n<ul>\n<li>Ownership can be transferred from one spouse to another. In the case of divorce, it is important that the transfer takes place before the divorce is finalized.<\/li>\n<li>Ownership can be transferred from one generation to the next within a family, such as between a mother and daughter or a grandfather and grandson. The transfer can also be exempt from transfer taxes if it takes place in the other direction as well.<\/li>\n<li>If the property\u2019s value is less than $5,000.<\/li>\n<\/ul>\n<p>It is always advisable to discuss your situation with a notary to ensure that everything is in compliance.<\/p>\n<p>SOURCE :\u00a0<a title=\"http:\/\/www.CENTRIS.CA\" href=\"http:\/\/www.centris.ca\/\" target=\"_blank\" rel=\"noopener\">CENTRIS.CA<\/a><\/p>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Buying a house can be stressful. Not to mention that you also have to think about the welcome tax and other transaction-related taxes. Here is a small guide to the taxes that must be paid when you buy and own a house. Welcome tax The mere mention of this name is enough to make you [&hellip;]<\/p>\n","protected":false},"author":750,"featured_media":0,"parent":7,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-576","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/joseesavoie.ca\/en\/wp-json\/wp\/v2\/pages\/576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/joseesavoie.ca\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/joseesavoie.ca\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/joseesavoie.ca\/en\/wp-json\/wp\/v2\/users\/750"}],"replies":[{"embeddable":true,"href":"https:\/\/joseesavoie.ca\/en\/wp-json\/wp\/v2\/comments?post=576"}],"version-history":[{"count":1,"href":"https:\/\/joseesavoie.ca\/en\/wp-json\/wp\/v2\/pages\/576\/revisions"}],"predecessor-version":[{"id":577,"href":"https:\/\/joseesavoie.ca\/en\/wp-json\/wp\/v2\/pages\/576\/revisions\/577"}],"up":[{"embeddable":true,"href":"https:\/\/joseesavoie.ca\/en\/wp-json\/wp\/v2\/pages\/7"}],"wp:attachment":[{"href":"https:\/\/joseesavoie.ca\/en\/wp-json\/wp\/v2\/media?parent=576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}