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In 2022, Quebec鈥檚 so-called 鈥榳elcome tax鈥� generated more than $1.4 billion for municipalities, with Montreal alone pulling in more than $410 million. Though it sounds like a penalty for new arrivals, its name is actually derived from former Quebec cabinet member Jean Bienvenue, who tabled the bill proposing the tax; Bienvenue鈥檚 surname translates into English as 鈥榳elcome鈥�. These municipal-level real estate transfer taxes can range from a few thousand to tens of thousands of dollars, and property buyers must pay within 30 days of closing their purchase.

鈥淲hen a property title changes hands, the province taxes that transaction,鈥� says Brian Wenzel, Associate Professor of Accounting at McGill Desautels. The municipal-level tax was added in 1976, giving cities a degree of independence from the Assembl茅e nationale. 鈥淭he welcome tax stays inside Montreal. It鈥檚 a nice benefit for the city because it鈥檚 one of the few areas where the city can actually raise revenue without having to ask Quebec City.鈥�