hst update
HST
The Harmonized Sales Tax (HST) and Real Estate
General Information on the HST
HST =13%
Combination of the current 8% Provincial Sales Tax and the 5% federal GST
creating a 13% Harmonized Sales Tax (HST)
The HST will come into effect on July 1, 2010 - however, note the
transitional rules.
HST WILL apply to: (not a complete list)
The purchase of newly constructed or substantially renovated homes.
The services associated with the purchase of new homes and re‐sale homes
such as real estate commissions, legal fees, home inspection fees and moving
costs.
commercial property rentals and leases.
HST WILL NOT apply to: (not a complete list)
The purchase of re‐sale homes
Sale of housing that has been previously occupied by an individual as a
place of residence and that is exempt from GST would also be exempt for
purposes of HST
Residential rent, condominium fees.
Home insurance (which had been subject to provincial tax, but not GST).
Mortgage interest costs.
To help homebuyers and builders transition to the HST, the Government has
provided transitional rules for new housing transactions that straddle July
1, 2010.
For more information click HST
<http://www.Swiftpage8.com/SpeClicks.aspx?X=300T2T9WHVALNO1S00VTWP> and
Real Estate.
Posted by Glenda Cowling
on March 29, 2010