The New HST Transition Rules
The provincial government has passed legislation to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST). The HST is NOT YET IN EFFECT. The HST will come into effect beginning on July 1, 2010; however, note transition rules below. HST will not apply on the purchase price of re-sale homes. HST would...
Read MoreAnything but Harmony
Starting July 2010 Ontarions must expect to shell out an extra 8% tax as the new Harmonized Sales Tax(HST) will take effect. This will hit hard on most consumers specially those buying or selling homes. The government can get away with this tax grab because consumers have not taken much action. TREB(Toronto Real Estate Board) president Tom Lebour recently wrote: “As real estate...
Read MoreChanges Proposed for HST on New Housing
The provincial government has announced some proposed changes to the way it would apply the proposed Harmonized Sales Tax (HST) to the purchase price of newly constructed housing. The provincial government has also announced proposed transitional details for newly constructed properties. Background The provincial government has announced that it intends to combine the eight percent Provincial...
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