Questions about this
How much will I net selling my house in Saskatoon?
Your net is the sale price minus commission and GST on it, lawyer fees and disbursements, anything you spend preparing the home, and your remaining mortgage. Saskatchewan charges no land transfer tax on a sale, so most Saskatoon sellers keep the sale price minus roughly 6 to 7 percent, before the mortgage payoff.
Does Saskatchewan have a land transfer tax when you sell?
No. Saskatchewan charges a title transfer fee through Information Services Corporation instead, paid by the buyer, based on the property value. That is one of the reasons moving costs less here than in Ontario or British Columbia.
Do I pay tax on the profit from selling my home?
Not on a principal residence. Canada exempts the gain on the home you live in, though the sale is still reported on that year's return. A rental or second property is different: half the gain is taxable at your marginal rate.