Nancy Donen Macdonald Realty Ltd.

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On Monday, April 1, the Harmonized Sales Tax (HST) will be replaced by the federal Goods and Services Tax (GST) and the BC Provincial Sales Tax (PST).

What this means to you:


As we move back to the GST and PST tax structure, it’s important to remember that:

  • sales tax on a new home will be reduced to 5% GST plus 2% BC Transition Tax (total 7%) from the current 12%; and
  • tax on real estate commissions will be reduced to 5% from the current 12%.

These reduced tax rates apply to all transactions that are payable on or after April 1.

 use the previous version.

 

 

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