HST in Effect July 1st, 2010

 

As we all know, HST (Harmonized Sales Tax) will become in to effect beginning July 1st, 2010.  It will be comprised of the 8% provincial tax and the 5% federal GST (Goods and Service Tax) which will become the 13% HST.

How does HST affect real estate transactions? It will not be applicable to purchase prices of re-sale homes but however it will apply to the services such as moving costs, legal fees, home inspections & real estate commissions etc. 

However, if you are purchasing a newly constructed home, it will be applicable to the purchase price.  There is a proposed rebate that you may be eligable.  Click here for more information.

 

Rose Lopez-Frometa

Rose Lopez-Frometa

Branch Manager
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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