I want to gift a property , or add my kids on to the title In Nova Scotia– what’s involved?

/ Highlander Law Group/

What you would be looking to do is a “title transfer”- whether it is the whole title or only a portion.

Things you would need to think about before doing this:

  • Changing Ownership Interest - If you add someone onto the title (which is the ownership) you are giving away a portion of your ownership interest – because the new person on title would now be a co-owner with you, you would need their consent to do anything like sell, or mortgage the property in the future.

  • Everyone has to agree – not just the person giving away the interest, but also the people receiving it.  The person giving the interest has to sign the deed. The person receiving it must sign affidavits addressing the transfer taxes. You can’t give land to someone if they don’t want it.

  • Deed Transfer Tax -There are two transfer taxes on property in Nova Scotia.  A proper gift is exempt from the municipal transfer tax. However, if the person you are gifting the interest to is not a resident of Nova Scotia they will be required to pay the 10% Provincial Transfer Tax – even on a gift. The basis for the amount of tax on a gift is the assessed value of the property at the time of the transfer.

  • Lender approval -If there is a mortgage on the property you will need your lender’s consent to make any changes to the title to the property. The title must match the mortgage – so title changes on properties with mortgages often involve some sort of refinance to add the new co-owner onto the mortgage.

  • Tax implications – while we do not provide tax advice – it is important to consider things like Capital Gains ( which can apply to certain types of gifts) and it is a good idea to consult with a tax professional in order to be fully informed before making any large gifts.

Changing ownership to your property is a big deal with serious consequences. We always recommend you speak to your trusted professionals before making such a move. For more information, you can also read our blog on changing ownership to property in Nova Scotia.

If you have any questions about title transfers you can call us at (902) 826-3070 or email us at info@highlanderlaw.ca to set up a meeting with one of our lawyers at our Tantallon law firm. You can also schedule a no commitment Issue Review Consult for $250+HST where you have the opportunity to explain your situation to a lawyer and get basic advice before deciding whether or not you'd like to retain us

book a no obligation consult now !

By: Briana C. O’Grady J.D - Lawyer

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