現時政府向新建物業買家徵收百分之十二的綜合銷售稅HST,而個別情況下更可獲部份或全免稅優惠。
2013年4月1日起將取消購買新建物業的HST稅,改回以往百分之七的商品及服務稅GST。 |
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When you buy
a newly constructed home, condominium or townhouse, the entire purchase
price including land is taxable. If the property is to be rented to
tenants, the full 7% GST is charged on the purchase price. However, if
the home is going to be your primary place of residence, it may qualify
for a partial GST rebate, depending upon the sale price. For primary residences costing $350,000 or less, you will receive a rebate of 36% of the GST paid, to a maximum of $8,750. That means you pay approximately 4.5% GST (not 7%) on the purchase price. |
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You do not have to pay GST on the purchase price of a used residential home. In other words, the purchase is "exempt" from GST. Used property can also mean a recently built house that is substantially complete and has been sold at least once before you buy it. For example, if a new house is purchased and resold before being occupied, the home's resale price will normally be exempt from GST. |
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GST applies to most of the services provided in completing the real estate transaction. For example 7% GST is applied to the commission a Realtor charges for facilitating a sale. The tax is paid by the person responsible for paying the commission- usually the seller. GST applies to many other services involved in the real estate transaction. These include legal fees, appraisals, surveys and legal assistance. Again, GST is charged on these fees regardless of whether the house you purchase is exempt from the tax. |
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No GST is payable on residential rents. However, if you employ a Realtor or another professional to find and arrange a tenant for your rental property, GST applies to the fees and commissions they charge for providing this service. GST also applies to the fees charged to the landlord for property management, as well as repair and maintenance services. Monthly fees charged by condominium associations are not subject to GST. |
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Along with the GST there are also other taxes that a purchaser must pay. Included is the Ontario Land Transfer Tax, and the BC Property Transfer Tax. These are Provincial taxes levied on the purchase of property. |
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Property Transfer Tax is a provincial tax that is payable upon the purchase of real estate in British Columbia. The tax is equal to one percent on the first $200,000 in value and two percent on the balance. There currently is an exemption for first time buyers but there are a number of requirements to qualify, including: |
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These are major requirements which should be reviewed with your realtor, lender or lawyer to ensure that you qualify. |
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