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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.

Ratehub.ca's land transfer tax calculator

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Determining your land transfer tax

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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.


Eligibility

  • 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.

 

References and notes

  1. Source, Governement of PEI, 'First Time Home Buyer Requirements'

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