PEI Land Transfer Tax 2024
Prince Edward Island Flag Prince Edward Island Land Transfer Tax
The Land Transfer Tax for Prince Edward Island, also named by the PEI government as the Real Property Transfer Tax, applies to all real property purchased, including land, land covered by water, land with buildings situated on it, bulk storage tank, and structures other than buildings such as equipment, installment, and tower. The buyer of real property must file an Affidavit of Purchaser with the Registrar of Deeds and under the Real Property Transfer Tax Act must pay a tax at the time of registration. The Affidavit of Purchaser inquires the name and address of the purchaser along with other information, and the tax is charged as 1% of the higher of the purchase price or assessed value of the property.
PEI Land Transfer Tax Calculator
Exemptions from the Real Property Transfer Tax
There are many cases that will allow the purchaser to be exempt from the tax. These cases include:
- If the property is valued at less than $30,000
- If you are a first-time home buyer and Canadian Citizen/Permanent Resident
- The property is being transferred between family members
- If the property is being transferred as a result of marriage breakdown
- If the property being transferred is from one corporation to another and both have the same owner
Other cases may also apply such as for Crown and non-profit corporations, and details can be found by contacting the Taxation and Property Records.
Comparison of PEI Transfer Taxes with Other Provinces
Prince Edward Island Land Transfer Tax Rate
| Property Value | Marginal Tax Rate |
|---|---|
| Above $30,000 | 1.0% |
Visit our Canada Land Transfer Tax page to find out more information about land transfer and other taxes accross Canada.
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