HST...its coming. Accept it!
HST...its coming. Accept it!
BC HST comes into effect on July 1st 2010 and many new home buyers may have second thoughts about purchasing a new property in BC. But did you know that HST is only payable on brand new properties i.e. properties that have never been registered in the land titles office or never been transferred out of the ownership of the builder or the builder developer.
As proposed, the HST will increase the cost of buying or selling all types of property and becomes essentially an additional tax on home ownership. The BC Government on its part is offering a partial rebate on the provincial portion of the HST for new housing to ensure new homes up to $525,000 will bear no more tax than under the current PST tax system. But homes above $525,000 will receive a flat $26,250 rebate and pay the additional 7% tax less the rebate. So far, this is what we have been told. Remember to always talk to your accountant or lawyer regarding these matters.
How I can help you!
-We can find properties that are HST exempt
-We can complete sales before the July 1 deadline!
New properties do not make up huge part of the transactions in Vancouver. New home buyers should stop worrying about the HST and start looking for a place that they can call home, this is what is most important.
Let me help you find a home that you love, for the price that works for you.
Glen Murray, real estate made easy