Monday, July 12, 2010
HST: How will it affect my Real Estate Transaction?
by Naomi Morrison on Mon, Jul, 12, 2010 02:55 PM
There remains a lot of questions with regards to HST and Real Estate Transactions.
To sum it up, HST will apply where GST had previously:
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New Construction properties will incur 12% HST, replacing the 5% GST
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Seller's will now be pay 12% HST instead of the 5% GST on their Realtor commissions
PLEASE NOTE: THERE WILL BE NO HST CHARGE ON RESALE PROPERTIES.
To download a list of Taxable items click here.