Even though consumers have been dealing with the HST since July 1, 2010, it appears there is still confusion about its applicability to the purchase price of resale homes.
GTA REALTORS® have been working to help dispel HST misconceptions. Consumers buying a resale home do not pay HST on the purchase price of the home. On the other hand, if you are buying a newly constructed home, HST will apply.
Although the costs of purchasing or renting a commercial property are subject to HST, businesses are allowed to claim tax credits to offset these costs.
HOME PURCHASES
| GST-taxable before July 1, 2010 | PST-taxable before July 1,2010 | Is there a change to the amount of tax payable under the HST? | |
|---|---|---|---|
| New Homes up to $400,000 | 5% | No PST | No change[6] |
| New Homes over $400,000 | 5% | No PST | Yes[6A] |
| Resale Homes | No GST | No PST | No HST |
| Real Estate Commissions | 5% | No PST | Yes (changes to 13%) |
[6A] New homes purchased as primary residences, valued at $400,000 or more will be eligible for the maximum new housing rebate of $24,000.
My name is Fajar. I live in Bedono in Central Java I was in a very chronic financial issue and terminal health situation some few weeks back. After all my search for assistance from friends and neighbors proved abortive, I feel there was no one who truly cares. I became so exhausted due to lack of funds to expand my business and my 2 kids aged 5 and 8 were also not good looking due to lack of proper care as a result of finance. One faithful morning I saw an old time friend of my late husband and I told him all I have been going through and he said the only way he could help was to direct me to a good loan officer in USA that also helped him, He explained to me on how he was financially down and how he got boosted by this loan officer ( Mr Pedro who grant him 7,000,000.00 USD loan at an affordable rate of 2% rate . He further assured me that they were the only legit loan firm he found online. He gave me their email & That was how i applied and was also granted a loan and my life changed for the good. CONTACT THE ONLY GENUINE LENDER Mr Pedro VIA Email: pedroloanss@gmail.com to resolve your financial mess.
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