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.
There are many cases that will allow the purchaser to be exempt from the tax. These cases include:
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.
* For mortgages of at least $500,000 with down payment under 20%.
WOWA assumes no liability for the accuracy of information presented.
† For mortgages of at least $500,000 over a 25-year amortization period.
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Visit our Canada Land Transfer Tax page to find out more information about land transfer and other taxes accross Canada.