PEI Land Transfer Tax Calculator
When you a buy a house or condo in PEI you are subject to land transfer tax on closing. Use Ratehub.ca’s calculator to determine your land transfer tax or view PEI ’s current rates below.
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A guide to PEI land transfer tax
Jamie David, Sr. Director of Marketing and Mortgages
Land transfer tax rates in Prince Edward Island1
In Prince Edward Island, the land transfer tax is calculated using the greater between a home's purchase price and its assessed property value. The PEI land transfer tax rates are as follows:
|Greater of the purchase price and the assessed value||Land transfer tax rate||First-time home buyer rebate|
|less than $30,000||no land transfer tax paid||Full refund for first-time home buyers|
|between $30,000 and $200,000||1.0%||Full refund for first-time home buyers|
|greater than $200,000||1.0%||no rebate available|
PEI land transfer tax example calculation
If you are purchasing a home for $200,000, which is assessed to be $220,000, your land transfer tax will be:
- $220,000 taxable portions (rounded up)
× 1.00% tax rate
= $2,200 land transfer tax
Source: Government of PEI, "Real Property Transfer Tax"
Land transfer tax rebate - Prince Edward Island
First-time home buyers are exempt from the land transfer tax if the purchase price of their property is $200,000 or less and if the property is occupied as a primary residence.
- The purchaser must be a Canadian citizen or permanent resident who has:
- lived in PEI for six months before the purchase of a home, or
- has filed income tax at least two times in the past six years.
- If there are more than one purchaser, both purchasers must be first-time home buyers.