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

What Saskatoon taxes apply when I sell my home?

Selling a Saskatoon home mainly involves two tax questions: capital gains tax, which the Canada Revenue Agency generally exempts for a principal residence, and property tax, which the City of Saskatoon prorates between buyer and seller as of the possession date. There is no land transfer tax charged to the seller in Saskatchewan.

Property tax proration means you get credited for any prepaid taxes past your possession date, or you pay for taxes owing up to that date, and your lawyer calculates and applies this adjustment at closing rather than it being a separate bill.

Capital gains tax only becomes relevant if the home was not your full-time principal residence throughout your ownership, such as a rental suite, an inherited property or a second property, in which case a portion of the gain can be taxable.

Commission and legal fees are costs, not taxes, and together with adjustments they typically run 4 to 6 percent of the sale price. A lawyer or accountant can confirm exactly what applies to your specific sale.

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