BC Government Announces New HST/PST Housing Transitional Rules
Government announces new HST/PST housing transitional rules
The government today announced the HST/PST transitional rules on new homes.
As the province transitions back to the PST, which will replace the HST effective April 1, 2013, measures to ease the HST burden on new home buyers include:
HST/PST transition rules will help ensure that whenever purchasers buy a new home they will all pay a consistent and equitable amount of tax, whether the home is built:
The temporary housing transition measures will be in place until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.
REBGV successfully advocated for the following:
The BC Real Estate Association plans to provide Boards with a list of FAQs and draft contract language that REALTORS® can use in their listing agreements and contracts of purchase of sales contracts. We will post these on www.realtorlink.ca and in REALTORLink News.
For more information, visit the BC Ministry of Finance at: www.pstinbc.ca
To read the Ministry of Finance announcement: www.newsroom.gov.bc.ca/2012/02/transition-measures-support-new-home-buyers-builders.html
If you have questions, please contact Harriet Permut, Manager, Government Relations, at email@example.com.