Real Estate and the HST

April 23, 2010 | Market Update | By Aaron Rossetti

As we are getting closer to July 1st and the introduction of the Harmonized Sales Tax (HST) there remains much confusion from consumers about how it will affect a real estate transaction. A recent report from the Real Estate Council of BC explained "while the application of the HST to trades in real estate is complex, generally the rules of its application appear to be similar to those of GST. This means that the HST will apply to real estate services provided by licenses, e.g. commissions, as well as to certain trades in real estate, e.g. sales of new residential housing and commercial properties sales and leases."

There is a good article about how the HST will affect new home purchases and government rebates at the following link, click here to go to the site.

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