HOW THE HST WILL AFFECT REAL ESTATE:

The Ontario provincial government has announced that it intends to combine the eight percent (8%) Provincial Sales Tax with the five percent (5%) federal Goods and Services Tax, creating a 13% percent Harmonized Sales Tax (HST).

The HST is IN EFFECT.

 The Ontario provincial government has indicated that it intends to bring the HST 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 apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.

~HST will apply to the purchase price of newly constructed homes.

 However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.

For more details and info on how the NEW HST will affect you, your family and your business, simply complete the form below.

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