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Hello. Just wondering if anyone can enlighten me. I am thinking about buying a home (not a new build) and selling my current one. How does the upcoming HST in Ontario affect me? Do I have to pay HST on the home I am buying on top of the purchase price? Or does the seller pay it out of the price? Does it only apply to new construction? Do I need a closing date prior to July 1st to avoid it? Any information would be helpful! Thanks.
 

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Hello. Just wondering if anyone can enlighten me. I am thinking about buying a home (not a new build) and selling my current one. How does the upcoming HST in Ontario affect me? Do I have to pay HST on the home I am buying on top of the purchase price? Or does the seller pay it out of the price? Does it only apply to new construction? Do I need a closing date prior to July 1st to avoid it? Any information would be helpful! Thanks.
You will pay HST on your legal fees and other fees. But it won't be charged to the actual buying or selling of the property.
 

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If you need to fix up your old home before you sell, or plan to do any work in your new home, renovations will now be taxed at 13%.

Also your realtor (if you use one) will be affected - real estate commisions will now be taxed at 13%. I wonder how they will manage to pass that cost onto us, given the latest outrage at their inflated fees ;-)?
 
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