Land Transfer Taxes (LTT) are provincial taxes levied on the exchange of real estate, and are the responsibility of the purchaser. Usually the LTT is a percentage of the property value. All provinces have a land transfer tax except Alberta and Saskatchewan (who instead levy a much smaller fee). Note that Ontario, Toronto, B.C. and PEI there are LTT rebates for first time homeowners. Also, keep in mind that Toronto is an exception as it charges an additional municipal tax (see Toronto section for additional information).
In Saskatchewan there is no Land Transfer Tax, but there is a Land Title Fee, which is often paid by your lawyer when he or she are filling out the land title form on your behalf. The current Title or Abstract Transfer Fee is based on the value of the title or abstract.
- $0 – $500 = no charge
- $501 – $8 400 = $25
- $8 401 and greater = 0.3% of the value of the title or abstract
Thomas is buying a property for $300 000.
- .03% of $300 000 = $900
Therefore, the tax he must pay is $900.
Sources: g, h