Demise of the HST

As of April 1, 2013 HST is no more in BC. So what does that mean to you as a Seller or Buyer? For the Seller previously you paid 12% HST on any commission paid to the Real Estate Company now that tax amount is reduced to 5%. For the Buyer HST was only applicable on some properties not all as some Buyers thought. New homes are subject to 5% GST now instead of the 12% previously but in some cases there will also be a 2% transition tax. Still better than the 12%! For the best information please seek the advise of an accountant when it comes to any and all tax implications.

Cynthia Bentley

Cynthia Bentley

Personal Real Estate Corporation
CENTURY 21 Lakeside Realty Ltd.
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