New HST Rule in Ontario to be effective from 1 July 2010

By
Real Estate Sales Representative with Zolo Realty, Brokerage
HST Transition Rules

 

The provincial government has provided rules/guidance on how it will transition to the implementation of the proposed Harmonized Sales Tax. 

Background

The provincial government has announced that it intends to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).

  • The HST is NOT YET IN EFFECT. The provincial government has indicated that it intends to bring the HST into effect beginning on July 1, 2010; however, note transition rules below.
  • HST will not apply on the purchase price of re-sale homes.
  • HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.
  • HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.
  • Click here for more background information on how the HST will affect REALTORS®.
  • Click here for some common questions and answers.

 

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If you have any questions related to real estate and if you are seeking an assistance in selling or buying a real estate property in BramptonMississaugaMilton, Toronto, Oakville, Caledon,  Etobicoke or anywhere in GTA area, you may contact me at 416-562-8417 or email me.

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Rainmaker
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Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Sham,

Good post. You should consider adding it to the Canada - Tax and Grants Group.

Brian

Dec 19, 2009 05:21 AM #1
Rainmaker
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Sham Pathania
Zolo Realty, Brokerage - Toronto, ON

Thanks Brian. I will do so.

Dec 19, 2009 06:11 AM #2
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Rainmaker
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Sham Pathania

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