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.