Acts and Regulations

83-106 - General

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Current to 1 January 2024
NEW BRUNSWICK
REGULATION 83-106
under the
Real Property
Transfer Tax Act
(O.C. 83-533)
Filed July 4, 1983
Under section 9 of the Real Property Transfer Tax Act, the Lieutenant-Governor in Council makes the following Regulation:
1This Regulation may be cited as the General Regulation - Real Property Transfer Tax Act.
1.1In this Regulation
“parent body” means a person that owns beneficially at least 95% of the share capital, except for directors’ qualifying shares, of a corporation or of another corporation if the person is a corporation; (société mère)
“wholly owned subsidiary” means a corporation at least 95% of the share capital of which, except for directors’ qualifying shares, is beneficially owned by a parent body. (filiale en propriété exclusive)
2001-99
2For the purposes of section 7 of the Act, the rate of interest to be added to unpaid taxes is
(a) 1.5% per month compounded monthly, or
(b) 19.56% per year.
3For the purposes of paragraph 6(n) of the Act, the following classes of instruments are exempted from the tax imposed by the Act on the registration thereof:
(a) a deed by which real property is transferred to a local government;
(b) a deed by which real property is transferred to a water or wastewater commission established or continued under section 15.2 of the Clean Environment Act, or a deed by which real property is transferred to a regional service commission established under the Regional Service Delivery Act;
(c) a deed by which real property is transferred to a commission referred to in section 117 of the Local Governance Act;
(d) a deed by which real property is transferred to the guarantor of a mortgage who obtains the real property as a result of a default of any payment under the mortgage by the mortgagor;
(e) a deed by which marital property as defined in the Marital Property Act is transferred by
(i) a married person to his spouse,
(ii) a married person to himself and his spouse, or
(iii) persons married to each other to one of such persons;
(f) a deed by which an individual transfers real property to a corporation in which the individual owns beneficially at least 95% of the share capital;
(g) a deed by which a corporation transfers real property to an individual who owns beneficially at least 95% of the share capital of that corporation;
(h) a deed by which a parent body transfers real property to a wholly owned subsidiary;
(i) a deed by which a wholly owned subsidiary transfers real property to its parent body; and
(j) a deed by which one wholly owned subsidiary transfers real property to another wholly owned subsidiary of the same parent body.
84-49; 85-58; 85-181; 1994, c.91, s.10; 2001-99; 2005-63; 2012, c.32, s.11; 2012, c.44, s.18; 2017, c.20, s.153
4(1)The tax shall be deposited in the manner provided for the depositing of sums of money under the Registry Act, if a deed is registered under the Registry Act, or the Land Titles Act, if a deed is registered under the Land Titles Act.
4(2)A sum equal to the amount of the tax collected in the first fifteen days of each month shall be paid to the Consolidated Fund on the first banking day after the fifteenth day of each month.
4(3)A sum equal to the amount of the tax collected after the fifteenth day of each month to the last working day of each month shall be paid to the Consolidated Fund on the first banking day after the last working day of each month.
90-89
N.B. This Regulation is consolidated to January 1, 2018.