Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

How much tax do you pay when selling a house in Saskatoon?

If the Saskatoon home you're selling is your principal residence, the Canada Revenue Agency generally exempts the sale from capital gains tax under the principal residence exemption, though the disposition still has to be reported on your tax return for that year.

Saskatchewan itself charges no land transfer tax and no provincial capital gains tax of its own, so the exposure that exists is federal, and it applies mainly to a property that was not your principal residence for the full period you owned it, such as a rental or a second home.

Property tax is not a sale tax but still shows up at closing: the City of Saskatoon's assessment drives your annual bill, and your lawyer prorates whatever you've paid or owe for the year into the statement of adjustments.

Whether any gain is taxable comes down to how the property was used, so that question belongs with an accountant reviewing your specific ownership history before you list. At the current Saskatchewan REALTORS Association benchmark of $444,700, that decision has real dollars attached to it. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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