Transitional Rules and New Housing Rebates for the BC HST
In June of this year the British Columbia (“BC”) government announced the implementation of a new Harmonized Sales Tax (“HST”). The HST, proposed for enactment commencing July 1, 2010, would levy an additional sales tax on the purchase price of all housing on which Federal Goods and Services Tax (“GST”) is currently payable (Brand New or Substantially Renovated Properties). Concurrent with the rollout of the HST, the BC government announced a proposed rebate program whereby purchasers of HST eligible housing would receive rebates on the Provincial portion of the HST.
Despite outlining the general nature and scope of the proposed HST, the BC government did not provide many of the key details with respect to the HST, including the transitional rules, the dates of implementation and the types of property that would be eligible for the rebate.
On November 18, 2009, the BC Ministry of Finance clarified some of these outstanding questions by releasing a Tax Information Notice, filling in many of the details of the proposed HST. A copy of the Notice can be obtained by following this link:
http://www.sbr.gov.bc.ca/documents_library/shared_documents/HST/new-housing-rebates.pdf
We recommend that you consult the Tax Information Notice in full for more information. It is important to note that these are proposed, not final, rules and regulations.
If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave
Cheers,
Bill
Properties in Victoria Professionals™- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
