Unlike Ontario and BC, Quebec offers no provincial first-time buyer exemption on droits de mutation (welcome tax). Every buyer — first-time or not — pays the full droits de mutation on closing. Budget for this in your purchase costs. Some municipalities may offer minor rebates; check with your notaire.
Quebec Banking Guide 2026
Quebec has a unique banking landscape dominated by Desjardins, North America's largest federation of credit unions (caisses populaires). Desjardins operates in virtually every Quebec city and town, with full French-language service. The Big Six national banks also operate in Quebec, with many bilingual branch staff in Montreal and Quebec City.
Quebec's real estate market — particularly Montreal — has seen strong appreciation. All property purchases are subject to droits de mutation (commonly called the "welcome tax"), a municipal land transfer tax calculated on a sliding scale. There is no Quebec provincial LTT rebate for first-time buyers.
Quebec Droits de Mutation Calculator
Quebec droits de mutation rates:
- 0.5% on first $50,000
- 1.0% from $50,000 to $250,000
- 1.5% from $250,000 to $500,000
- 2.0% from $500,000 to $1,000,000
- 2.5% above $1,000,000
Note: Some municipalities add their own municipal tax on top. Montreal has an additional municipal transfer tax tier. Consult your notaire for the exact amount.
French Language Banking in Quebec
By law, Quebec consumers have the right to receive banking services in French. All major banks and Desjardins caisses provide full French-language service. KOHO's app is fully available in French — making it one of the best options for Quebec residents who prefer banking en français.
Best Banks in Quebec Overall — 2026 Picks
Desjardins — Best Quebec Credit Union
The undisputed default for Quebec banking. Desjardins operates caisses populaires in virtually every Quebec community including the smallest towns. Full French service, member dividends, and competitive mortgage rates. If you live in Quebec, a Desjardins caisse is almost always your most local option.
KOHO — Best No-Fee Account (en français)
KOHO's app is fully available in French, making it ideal for Quebec residents. No monthly fees, 3% cash back, and a $100 bonus with code 45ET55JSYA. Pair KOHO for daily spending with Desjardins for your mortgage and savings.
National Bank — Best Big Bank for Quebec
National Bank (Banque Nationale) is headquartered in Montreal and has the deepest Quebec focus of any major Canadian bank. Strong bilingual service, mortgage expertise in the Montreal and Quebec City markets, and competitive investment products.
Get $100 Free — KOHO Bonus for Quebec Residents
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