Thinking of Buying a New Home in 2013 ?
HST disappearing as of April 1st, 2013
If you're thinking about purchasing a new construction home this year then you've likely heard all the talk around the HSTdisappearing, the return of GST and the applicable 2% Transitional tax. The switching back and fourth from the GST era has created a large grey area for home buyers wishing the purchase a new home.
Depending on when you purchase your home and when you actually take possession of your new home, you may be paying the full HST of 12%, or GST of 5% + 2% transitional tax, or simply 5% GST.
The BCREA has created a simplified calculator to determine the final dollar amount you will owe, including all applicable rebates and grants. Click here for this HST calculator and for more information on the transitional rules and FAQ's please click here.
Feel free to contact me anytime to answer your Real Estate questions and assist in your buying or selling experience.