Finvilo

Banking, loans and insurance in Northwest Territories

The Northwest Territories has no territorial sales tax and no land transfer tax, deposits are protected by CDIC at member institutions, and residents may claim the federal northern residents deductions.

Deposit protection

Deposits at CDIC-member institutions are covered up to CAD 100,000 per eligible category.

Auto insurance

Auto insurance is mandatory and sold by private insurers, overseen by the territorial Superintendent of Insurance.

Sales and income tax

You pay only the 5% GST. There is no land transfer tax; the Land Titles Office charges registration fees. Northern residents deductions are available on federal returns.

Local rules by city

Offers confirmed in Northwest Territories

These products name Northwest Territories in the availability terms the provider publishes. Most listings do not state provincial availability yet, so check other categories too.

Offers the provider lists as nationwide

BDC logo

BDC

BDC Business Purchase or Transfer Loan

Financing to buy, merge with or take over a Canadian business, including some transaction costs.

Repayment
Flexible, with interest-only payments at the start
Eligibility
Business being bought must be Canadian and generating revenue, with an agreed price and clear structure
Uses
Buying a business, competitor or supplier; management or employee buyouts; family transfers; refinancing seller financing
Additional costs
Can include legal fees, moving costs, goodwill and client lists
Full details for BDC Business Purchase or Transfer Loan (opens in new tab)
BDC logo

BDC

BDC Technology Equipment Loan

A loan for hardware, software, cybersecurity, digital infrastructure and expert IT advice.

Eligibility
Business based in Canada, generating revenue for at least 12 months, with a good credit track record
Uses
Servers, computers, software, cloud, AI tools, websites, e-commerce, cybersecurity
Professional services
Can cover IT planning, strategy, security and online sales advice
Provinces
Nationwide
Full details for BDC Technology Equipment Loan (opens in new tab)
BDC logo

BDC

BDC Working Capital Loan

A loan for growth projects such as inventory, supplier payments, new markets and hiring, without using everyday cash.

Eligibility
Business based in Canada, generating revenue for at least 12 months, with a good credit track record
Uses
Inventory, suppliers, new markets, product development, IP protection, marketing, hiring and training
Sustainability projects
Energy efficiency and green retrofit projects eligible
Provinces
Nationwide
Full details for BDC Working Capital Loan (opens in new tab)

Institutions serving Northwest Territories

These institutions operate in Northwest Territories. Membership and residence rules vary, and not every product they offer is available everywhere.

Common questions in Northwest Territories

Is there a land transfer tax in the NWT?
No. Buyers pay Land Titles registration fees.
Is there sales tax in the NWT?
Only the 5% GST.

Official sources

Limits and rules can change. Confirm current terms with the provincial body before relying on them. This is general information, not financial advice.