BILL 50

An Act to Amend the Real Property Transfer Tax Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Section 2 of the Real Property Transfer Tax Act, chapter R-2.1 of the Acts of New Brunswick, 1983, is amended

(a)  by repealing subsection (1) and substituting the following:

2(1) Every person who before June 1, 2012, tenders for registration in the Province a deed shall, before the deed is registered, pay a tax computed at the rate of 0.25% of the greater of

(a)  the consideration for the transfer; or

(b)  the assessed value of the real property.

(b)  by adding after subsection (1) the following:

2(1.01) Every person who on or after June 1, 2012, tenders for registration in the Province a deed shall, before the deed is registered, pay a tax computed at the rate of 0.5% of the greater of

(a)  the consideration for the transfer; or

(b)  the assessed value of the real property.

2(1.02) Despite subsection (1.01), in respect of an agreement for sale or purchase executed before March 28, 2012, the percentage referred to in subsection (1.01) shall be read as 0.25%, regardless of the date on which the deed is tendered for registration.

2 This Act shall be deemed to have come into force on June 1, 2012.