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Prince Edward Island Land Transfer Tax
In Prince Edward Island, you have to pay a land transfer tax when you buy a detached home, semi-detached, townhome or condo. Use our calculator to figure out how much you’ll owe at closing.

Land Transfer Tax

Purchase Price
   I am a first-time home buyer
Location
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Provincial

$0.00

Municipal

$0.00

Rebate

$0.00

Land Transfer Tax

$0.00


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Prince Edward Island Land Transfer Tax Rates

In Prince Edward Island, the land transfer tax is calculated based on the greater of either the home purchase price or the assessed value.
Let’s say there was a home assessed at $200,000 in Charlottetown. If you really wanted to make sure you got the home, you might pay an additional $10,000 over asking. In that case, even though the property value is assessed at $200,000, you paid $210,000 and have to pay land transfer tax on that amount.
Conversely, if you bought that same $200,000 home for $10,000 under asking, you would have to pay tax based on the assessed value of $200,000.

Tax on the portion of the purchase

Rate

… up to $30,000

0.0%

… over $30,000

1.0%

If you bought a house worth $200,000 for that amount, you would owe tax thusly:

Value

Tax Rate

Tax Owed

First $30,000

0.0%

$0

Last $170,000

1.0%

$1,700

Prince Edward Island Real Property Transfer Tax First-Time Home Buyers Exemption

The P.E.I exemption covers 100% of the cost of the land transfer tax.
In order to qualify for the P.E.I exemption, you must:

  1. Be a Canadian citizen or permanent resident
  2. Have kept your principal residence in P.E.I for the previous six consecutive months
  3. Have never owned a home that was your principal residence anywhere in the world
  4. Have never obtained a first time homebuyers’ exemption in any jurisdiction
  5. Occupy, or intend to occupy, the property as their principal residence

If you haven’t lived in P.E.I for six months before purchasing a home, you can still qualify after having lived in the property for six consecutive months after purchase.
If you don’t immediately occupy the property for six consecutive months following the purchase, you must forfeit the exemption.

How to Apply for thePrince Edward Island Real Property Transfer Tax First-Time Home Buyers Exemption

In order to apply for the P.E.I exemption, you must fill and print out this form – the Request for Refund of Real Property Transfer Tax. Then, mail it to
Department of Finance 
Taxation and Property Records 
PO Box 1330, Charlottetown, PE C1A 7N1
or deliver it to
95 Rochford Street 
Shaw Building, 1st Floor, South
Charlottetown, PE C1A 3T6 
or: any Access PEI Centre

Sitemap Updated On November 18, 2018. Copyright 2018. All Rights Reserved. RateShop.ca

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