Category: HST

The GST at 5% would apply to a taxable sale of real property in British Columbia where, under a written agreement of purchase and sale, tax becomes payable after March 31, 2013In addition, the transition tax will apply (in addition to 5% GST) to sales of newly constructed or substantially renovated housing where: ...

I must admit, I love watching the HGTV show "Property Virgins", and seeing the excitement of first time home buyers fulfil their dreams of home ownership is one of the best things about my jobIn British Columbia, real estate prices (compared with much of Canada) are high relative to average income, which increa...

The Province announced the HST Transition rules on February 17, 2012 as the Province transitions back to the PST/ GST system on April 1, 2013 For an overview see my post hereIf completion of New Residential Housing occurs prior April 1, 2013, the HST system with the new enhanced rebate will apply:For Primary Re...

Together, but unheralded with the recent HST Transition Rules are the new contract disclosure requirements in Contracts of Purchase and Sale for real estateGenerally the new tax regime can be briefly described as follows:HST: (12% less rebates) will apply where construction AND possession is transferred PRIOR t...

The Province announced the HST Transition rules on February 17, 2012 as the Province transitions back to the PST/ GST system on April 1, 2013Used Residential Homes (most resales) are, and remain, exempt from HST1 Under the current system, there is no additional rebate for new homes greater than $525,000 - Effec...

IMPORTANT! Given the recent announcement of the Province, this will only apply under April 1, 2012, after April 1, 2012, the Transition Rules will apply until April 1, 2013HST will be chargeable on every supply of real property (including mobile homes and floating homes) in Canada However, Used Residential Housing ...