Latest news with #FinancialMeasuresAct
CBC
16-04-2025
- Business
- CBC
Does Nova Scotia's hiked deed transfer tax help or hurt housing?
There's disagreement in the Strait of Canso area over whether a recent increase in Nova Scotia's deed transfer tax for non-resident landowners will help or hurt local housing efforts. The tax, which doubled to 10 per cent from five per cent on April 1, now applies to all residential properties with three dwellings or less, including vacant land that is considered to be residential. The move drew fire from the Nova Scotia Association of Realtors and last week sparked Richmond County council to approach the province and the Nova Scotia Federation of Municipalities with concerns that the increase could hamper the Strait-area housing market. However, not all Richmond councillors agree on the issue, and a local land developer who sells to Canadians and Europeans alike feels the tax hike could halt bidding wars that have clogged the housing market since the depths of the COVID-19 pandemic. Land developer praises province's 'genius move' When the tax increase was introduced as part of the government's Financial Measures Act, Finance Minister John Lohr described the move as a means of helping Nova Scotians compete with out-of-province buyers for new homes. Rolf Bouman, the founder of the property sales firm Canadian Pioneer Estates, agrees with the concept, although he acknowledges those directly involved in house sales rather than land transfers would have an opposing view. "As a land developer, it's pretty good because people will then decide to build houses and it gives a lot of employment," said Bouman, whose company is based in Aulds Cove, N.S. "But as a broker, I probably wouldn't like it, because the broker has the job to get the highest price for the vendor or seller for a house. And, of course, when you exclude people from outside of the province, or you make it harder for them to, in fact, purchase land, that might hurt the bottom line for the seller of the house, as well as the broker for their commission." However, Bouman sees a net benefit from the province's strategy in that it could cool off bidding wars between residents and non-residents. "This was a genius move on the part of the province, or the premier, or whoever came up with the idea," Bouman said. "I would have set the tax even higher. But for now, it's good where it's at." Richmond County calling for changes Meanwhile, Richmond County officials feel the province isn't considering how the tax hike could impact the local housing market. They're also concerned the increase is punitive to former Nova Scotians trying to return home and contribute to the communities they once left behind. "We've got local people who are flagging these concerns and asking for some reconsideration on some of the terms of it," said St. Peter's-area councillor Amanda Mombourquette, who brought the issue to the council table earlier this month. "Businesses and investors, they like certainty. So when we have changes like this that are really disruptive to business models that have been in place for some time, it can create some concern and discourage investment." Warden Lois Landry, who said at the previous council meeting that "there are some advantages to this tax," is hopeful the county and the province can work together to recognize anyone who could be impacted by the recent increase. "We have had some concerns from residents about property values increasing in their assessment, and what that does to the property tax that you're required to pay," Landry said. The county will vote on its next steps regarding the tax at its monthly meeting next week in Arichat.
CBC
05-03-2025
- Business
- CBC
Nova Scotia extends reach to recoup money from deadbeat parents
Nova Scotia is extending the reach for families looking to have court-ordered child and spousal support payments enforced. It is among the changes proposed in the Financial Measures Act tabled Wednesday in the Nova Scotia Legislature. Finance Minister John Lohr said the changes will modernize legislation and reduce red tape. Twenty-six of the 41 pages contained in the proposed law implement a 2007 international convention on the "recovery of child support and other forms of family maintenance." By signing on to this agreement, Nova Scotia families looking to recover monies owed to them for support will have recourse in 44 more countries. Currently there are 19 countries that will work with the province to recover court-ordered support payments. Those payments can be recovered in a variety of ways including withholding wages or pensions, putting liens on a property or taking the money from bank accounts. A government official said Wednesday there are 10 individuals who might currently benefit from this extension of enforcement power. 'Clearly the act is outdated' The Houston government said the law will also enact some of the measures included in the latest budget, including modest income tax breaks for individuals and a one per cent decrease in the small business tax rate. The province will also get out of the film classification business by dismantling a little-known board and replacing it within the year by a self-regulating classification system. Instead of the 10 Nova Scotians who regularly view and rate films coming to Nova Scotia for public viewing, film, video and video game distributors will rate their own products. "Clearly the act is outdated and things need to be modernized," Lohr told reporters at a briefing to discuss the changes. "We live in a digital world. There's different ways of doing things, and I think having input from the makers of the film on the classification is eminently sensible as well. "They understand what they're making. They understand their market." Last year, members of the board reviewed and rated 161 films. They were paid $100 a day to carry out their duties. Nova Scotia is one of only four provinces that still rate films. Once it relinquishes that duty, only Quebec, Alberta and British Columbia will continue to run their own ratings systems.
