The following is information on HST related to property transactions. We know that it's not the favorite topic for everyone but it's an important one as home buyers and sellers need to know when and if HST is applied in a particular transaction.
This information is meant to be helpful to you but in no way should be your bible. It is strongly recommended that you contact an Accountant or Tax Professional to get your specific questions answered to your satisfaction.
Firstly, the following is a chart of information related to home Purchases and Sales...
New Homes over $525,000 - is HST applied? - Yes, HST will be added to the purchase price (unless otherwise indicated)
Previously Occupied Homes - is HST applied? - No HST
Legal fees - is HST applied? - Yes, HST will be added to your total fees
Real Estate Commissions - is HST applied? - Yes, HST will be added to the total commission
Secondly, the following is information regarding HST rebates. Find out, do you qualify for a rebate...?
BC will provide a rebate of 71.43% of the provincial portion of the HST, to a maximum of $26,250, for new housing purchased as a primary residence.
Purchasers of eligible new homes over $525,000 are eligible for a rebate of $26,250.
Find out.... do you have to pay HST? Are you eligible for a Rebate?
This is a fantastic time to buy full time or summer homes on the Sunshine Coast of BC. Give us a call.
Barbie and Shay
Shay 604 989.9888
Barbie 604 741.1239
Reaching YOUR Goal is OUR Mission