Thursday, January 28, 2010
by Tom Dunn
HST will come into affect July 1, 2010 in B.C. It is, however, not a 12% real estate tax. It is a provincial harmonized tax on most goods, services and consumer products including new homes. There will be partial rebates for new B.C. homes up to $400,000.
The B.C. Harmonized Sales Tax of 12% will be applicable to any cost and fees associated with the purchase of property such as legal/notary fees, commissions and other closing costs.
Also, the cost of owning property will go up when the HST is applied to starta fees, residential heating fuel, commercial rents, smoke detectors, fire extinguishers, repairs, cable TV, internet, electricity, gas, renovations, painting and other professional services.
Buy now and complete before the end of June and at least save on some of these costs.