If you're looking to buy a newly constructed home or substantially renovated, under $850,000.00 prior to April 1, 2013, now is the time. Only 57 days left to enter a Contract of Purchase and Sale and apply for the enhanced new housing rebate of up to $42,500.00. This enhanced rbate is a 60% increase in maximum rebates compared to the current rebates and is subject to the same eligibilty conditions as the BC New Home Rebate administered by CRA. One of the conditions is that you must take ownership and possession prior to April 1, 2013.
The Ministry of Finance has outlined the tax notice information below. I highly recommend if you are looking to buy new or substantially renovated, to move forward prior to April 1, 2013 to obtain the benefits that will no longer be in affect after this date.
Please take some time to review this article. It is important that you have a good understanding of the Enhanced rebate and also the new transition rules. HOWEVER, I still recommend that all HST/PST calculations are made subject to lawyer and/or accountant review and approval.