Posted in: Tax
BC residents have been very vocal about the HST, but it is coming on July 1, 2010. This is the combination of the PST 7% and GST 5% combined into a 12% Harmonized Sales Tax HST. We better start preparing for this change.
If you buy a new presale residential property and the agreement is signed and dated on or before November 18, 2009 and you take ownership or possession before July 1, 2010, you do not pay HST and also not eligible for a New Housing Rebate.
However, if you take ownership or possession after July 1, 2010 you will pay HST and may be eligible for a New Housing Rebate.
The Real Estate Board of Greater Vancouver provides lots of info and answers regarding HST for properties. Do contact them if you have questions at www.realtylink.org .