HST Highlights

HST highlights

  • Starting July 1st, the HST will be in effect in Ontario.
  • Purchasers of newly constructed homes for primary residences up to $400,000 would not, on average, be subject to an additional tax burden in view of the new housing rebate up to $24,000.
  • There is a new rental housing rebate, similar to the enhanced new housing rebate, for new residential rental properties.
  • For new homes constructed in full or in part prior to July 1, 2010 that are subject to the HST on or after July 1, 2010, a PST transitional housing rebate is available to provide relief in respect to the PST embedded in the home.
  • HST will not be applicable to a used residence for re-sale.
  • For those who sell their home in Ontario, there will be a 13 per cent tax payable on the real estate commission (an eight per cent increase on top of the current five per cent.).
  • Lawyer's fees will also be subject to the 13 per cent HST in Ontario, as will the cost of a Condominium Status Certificate, however the total cost of that status certificate will remain at $100.
  • Moving costs, the cost of a home inspection and even home staging will increase to reflect the HST.
Maria Lieu

Maria Lieu

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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