HST can save your money? Right now HST can actually saving the buyer money on new housing that was completed, or partially completed, prior to the implementation of HST.
IN ADDITION TO THE BC new housing rebate of 71.43% of the provincial part of the HST (7%) to a maximum of $26,250.00, if a house was 90% complete (considered to be 100% complete for the purpose of calculating the transitional rebate) on July 1, 2010, a PST transitional new housing rebate applies based on either $60.00 per square metre of finished floor space or 2% of the total consideration paid for the housing.
I was shocked last weekend to learn that a new house that would have sold for $640,395.00 including GST would now sell for $637,838.00 including net HST based on the square meters provided by the Seller.
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