On October 30, 2007 the federal government announced a reduction in GST (Goods and Services Tax) from 6% to 5%. GST only applies to sales of newly constructed and substantially renovated homes. GST is not applied to the purchase price of resale homes. If you are in the process of buying a home where GST is applicable, use the following information to figure out if you will be eligible for the reduces rate of GST on your home purchase:

• The 6% rate will apply if ownership of the property, or possession of it under the agreement of purchase and sale, is transferred to the buyer before January 1, 2008.
  
• The 5 per cent rate will apply if both ownership of the property and..... ... READ MORE>>