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HST

HST
 

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

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