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

What are the tax consequences of downsizing in Saskatoon?

For most Saskatoon downsizers, selling the home you actually lived in carries no capital gains tax at all, since the Canada Revenue Agency's principal residence exemption shields the gain on a home owned and lived in for every year of ownership, though the sale still needs to be reported on that year's return.

Saskatchewan charges no land transfer tax, so the tax-adjacent costs of downsizing are the Information Services Corporation title transfer fee on the new home and legal fees on both transactions, typically $800 to $1,500 each, rather than a percentage tax some other provinces apply to every purchase.

The exception that catches people is a second property, a rental or a cottage sold in the same year: that gain is fully taxable, and stacking it against a principal-residence sale in the same tax year can push a downsizer into a bracket they were not planning for.

Sequencing which property sells first, and what each is actually worth, is worth working out before either listing goes live. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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