Harmonized Sales Tax | Burlington Ontario Homes For Sale

Google Translator

Powered by Google Translate.

Posts Tagged ‘Harmonized Sales Tax’

HST (Harmonized Sales Tax) is now in effect

July 6th, 2010 |

Author: rstrojevs

Your Burlington Ontario real estate agent would like to share this interesting article with you.

Well, I am sure most of you know that the HST came into effect on July 1, 2010. There are many items NOT affected at all by the HST but there are others that are. Check this link for a list of the changes.

Specific to Home Purchases, here are the changes that you will find:

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 (5)
New Homes over $400,000	5%	No PST	Yes (5A)
Resale Homes	No GST	No PST	No HST
Real Estate Commissions	5%	No PST	Yes (changes to 13%)

5 The new housing rebate will be 75 per cent of the Ontario component of the HST, up to a maximum of $24,000. The rebate will ensure that buyers of homes priced up to $400,000 will, on average, pay no more tax than under the PST system. However, applicable PST on building supplies is embedded in the price of the home.

5A New homes purchased as primary residences, valued at $400,000 or more will be eligible for the maximum new housing rebate of $24,000.

Tags: Burlington Ontario, Harmonized Sales Tax, HST |

No Comments »

Updates and information on HST (Harmonized Sales Tax)

June 12th, 2010 |

Author: rstrojevs

Your Burlington Ontario real estate agent would like to share this interesting article with you.

Ontario’s new comprehensive tax package includes the Harmonized Sales Tax (HST) and a number of personal and business income tax cuts, credits and benefits that could affect you. Check the website for more information and details on these important changes!!

Posted in Burlington Ontario |

Tags: Burlington Ontario, Harmonized Sales Tax, HST |

No Comments »