Home Sale Proceeds Calculator Canada

Same sale price, different tax on the fee

Drag the price. The bars are commission plus tax, plus that city’s default legal and discharge — the cost of listing, not the mortgage. Toronto and Halifax climb because of HST. Vancouver stays lower because BC’s 7% is only the first $100,000 and GST is 5%.

What actually comes off the sale price

Commission is the large line. The tax on that commission is the line most US-templated calculators get wrong: it is 5% GST in Calgary and 15% HST in Halifax. Legal work is not the same file in Montreal as in Mississauga — Quebec’s Civil Code article 1723 makes the seller purge hypothecs, so you pay the quittance; the buyer usually pays the deed notary. Ontario condo status certificates are capped at $100 including tax under O. Reg. 48/01 s. 18(2). Land transfer tax never belongs on this sheet.

The wild card is the mortgage. FCAC tells lenders to charge the greater of three months’ interest or the interest-rate differential. Their published example on a $200,000 balance at 6%, 36 months left, 4% comparison rate, is $3,000 versus $12,000. Commissioner Guidance CG-9: a simplified estimate may come in higher than the lender’s actual charge. Request a payout statement before you list.

Sold in under 365 days

Ranking net-sheet tools treat the principal residence exemption as automatic. CRA folio S1-F3-C2 is stricter: a housing unit (or a right to acquire one) owned less than 365 consecutive days is a flipped property under ITA 12(12)–12(14). The gain is deemed business income. The exemption is not available. A loss is deemed nil. Life-event exceptions exist — death, illness, marriage breakdown after 90 days apart, an eligible relocation at least 40 km closer to work or school, involuntary job loss, insolvency, destruction or expropriation.

Even a fully exempt sale still has to be reported on Schedule 3 and designated on Form T2091(IND). Land in the exemption is usually capped at half a hectare (1.24 acres) unless the municipal minimum lot is larger.

Non-resident withholding is not 25% of the list price

CRA IC72-17R6: a certificate of compliance is prepaid at 25% of proceeds minus adjusted cost base. Selling costs are not subtracted in that prepayment. Without Form T2064 or T2068, the purchaser withholds 25% of gross proceeds (50% on some property). Subsection 116(8) lets CRA refuse the certificate if Underused Housing Tax returns are outstanding — so the withholding can sit on closing even when the gain is small.

Frequently asked questions