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Good Bye HST!!

So we are going back to GST and PST April 1, 2013 in BC, what does that mean for the regular people?

If the property has been lived in, there are no changes, you still have to pay property transfer tax unless you’re a first time homebuyer and the property qualifies for the exemption.

For new homes purchased after April 1, 2013, you will be back to GST (5%) and property transfers tax unless you’re a first time homebuyer and the property qualifies for the exemption.

It only gets complicated if you are in the process of new construction or substantial renovation and 10% or more is completed as of April 1, 2013 and ownership or possession occurs before April 1, 2015, be paying 5% GST plus there is a 2% transitional provincial tax on the full house price until March 2015. This also applies if you have entered into a purchase agreement after April 2, 2012 with possession on or after April 1, 2013. Plus property transfers tax unless you’re a first time homebuyer and the property qualifies for the exemption.  If your in this situation and confused please let me know.

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