PEI Land Transfer Tax

Location Please ensure your location is correct in order to find the best rates available in your area.

When you a buy a house, condo or land in PEI you are subject to land transfer tax which is due upon closing. Use Ratehub.ca’s calculator to determine your applicable land transfer tax or view PEI's 2017 rates below and follow along with our sample calculation.

PEI land transfer tax calculator

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Land Transfer Tax: $-
 
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Provincial: Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province. plus
 
Municipal: Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home. plus
 
Rebate: Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province. minus
 

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Land transfer tax rates in Prince Edward Island – Updated in 20161

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:

PEI land transfer tax sample calculation
220000 taxable portions (rounded up) 1.00% tax rate =
$2,200 land 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'