Hst

3827 Views 4 Replies 4 Participants Last post by Cal, Jul 30, 2009

Cal

Discussion Starter · Jul 29, 2009

I know that it doesn't come into effect until July 1, 2010. But what exactly is the HST effect on home purchases? I was looking online for Ontario links...couldn't find anything too thorough.

Basically I understand it will only effect newly built homes? Not resale homes.

And that the normal 5% will have an additional 8% tax on it...however there will be a tax break on the first $400K of home purchased, where only 2% will be taxed in addition, not the full 8%.

Please correct me on any of this, and provide a link if you know of anything that provides more detail.

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Mockingbird

· #2 · Jul 29, 2009

Here are some links on HST and real estate..

For Ontario:
Ontario Releases HST Transitional Rules for New Home Builders

For BC:
BC's HST and Real Estate

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FrugalTrader

· #3 · Jul 29, 2009

Cal said:
I know that it doesn't come into effect until July 1, 2010. But what exactly is the HST effect on home purchases? I was looking online for Ontario links...couldn't find anything too thorough.

Basically I understand it will only effect newly built homes? Not resale homes.

And that the normal 5% will have an additional 8% tax on it...however there will be a tax break on the first $400K of home purchased, where only 2% will be taxed in addition, not the full 8%.

Please correct me on any of this, and provide a link if you know of anything that provides more detail.

In NL, HST applies to new builds only.