Saskatchewan is one of the only two provinces that does not charge land transfer tax in Canada. When purchasing a home, one of the most important things to consider is Saskatchewan mortgage rates . Additionally, you need to consider the maximum down payment that you can afford and factor in potential closing costs that may result.
A major component of closing costs is the land transfer tax. However, in Saskatchewan you only need to concern yourself with a title transfer fee, which is substantially smaller.
So, Saskatchewan title transfer fees are charged as follows:
|Purchase price of home||Title transfer fee|
|$1 – $500||$0|
|$501 – $8,400||$25|
|Over $8,401||0.30% of property value|
This fee is usually paid on your behalf by your lawyer when they are filling out the land title form.
You can use Ratehub.ca’s land transfer tax calculator to estimate your total land transfer tax easily. For a property value of $250,000, your title transfer fee amounts to about $750.