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Tax on real estate commissions to drop on April 1, 2013
Tax on real estate commissions to drop on April 1, 2013
There is great news for home sellers in British Columbia.  Effective April 1, 2013, the 12% harmonized sales tax ("HST") is being eliminated.  It is being replaced by the 5% goods and services tax ("GST") and the 7% provincial sales tax ("PST").
5% GST will be charged on real estate commissions effective April 1, 2013.  PST is not charged on real estate commissions.  Between July 1, 2010 and March 31, 2013, 12% HST was charged on real estate commissions.
The tax savings can be significant.
Home buyers who are required to pay real estate commissions in accordance with their contract will also benefit.
In situations where a real estate transaction straddles April 1, 2013, transition rules may apply to the conversion from the HST regime to the GST/PST regime.
The information in this blog post is general in nature and may not apply to your specific situation.  Consult your professional tax advisor to find out how the changes in sales tax laws affect you.
Tax on real estate commissions to drop on April 1, 2013
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