Québec Budget 2016-2017: Significant Changes To Duties On Transfers Of Immovables

The 2016-2017 Budget tabled by Finance Minister Carlos Leitão on March 17, 2016, announced significant changes to the Act respecting duties on transfers of immovables (the Act). Although these changes apply to the transfer of an immovable in Québec as of March 18, 2016, no bill has yet been tabled and taxpayers currently have to rely on the brief explanations of the changes, as provided in the Budget.

Before the Budget was tabled, the Act provided that transfer duties were only payable from the time the deed of the transfer was registered in the land registry. The Budget announced a significant change to this regime: transfer duties will now become payable as of the date of the transfer of an immovable, whether or not the deed of transfer is registered.