SOME QUESTIONS REGARDING THE HST AND HOW IT AFFECTS HOME BUYING/SELLING
THESE ARE GENERAL QUESTIONS AND NOT INTENDED AS ACCOUNTING ADVICE. FOR MORE DETAILED INFORMATION PLEASE CONTACT AN ACCOUNTANT OR THE CANADA REVENUE AGENCY WEB SITE @
www.cra-arc.gc.ca and you will see the HST link on the home page.
Q: DO I PAY HST WHEN I PURCHASE A USED HOUSE?
A: NO
Q: DO I PAY HST WHEN I BUY A NEW OR SUBSTANCIALLY RENOVATED HOUSE?
A: YES
Q: AS A SELLER, HOW DOES THE HST AFFECT ME?
A: YOU WILL BE RESPONSIBLE TO PAY THE HST ON THE REALTORS COMMISION
Q: IS THERE A REBATE FOR HST ON NEW HOMES?
A: YES, YOU WILL RECEIVE 71.43% OF THE PROVINCIAL PORTION OF THE HST UP TO A MAXIMUM OF $26,250. NEW HOMES ABOVE $525,000 WILL BE ELIGIBLE FOR A MAXIMUM OF $26,250.
For specific calculations on HST and your purchase please check the MACREALTY HST CALCULATOR
Copyright Jason Exner
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
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