Friday, October 30, 2009

New Ontario HST tax rules on new homes and resale homes

As of July 1, 2010, it is proposed that Ontario will introduce a Harmonized Sales
Tax (HST) which will be collected by the Canada Revenue Agency (CRA). The
construction industry, including homebuilders, will be greatly impacted by this
new tax.

As a homebuyer, you need to know how this will affect you. The new harmonized tax will apply to new homes, but not resale homes. However, the new tax may have an effect on other expenses associated with buying a house such as closing costs.

Here is a link to the transitional rules associated with the HST.

Here is a link to Helping Homebuyers and the Housing Industry with an Enhanced New Housing Rebate, a New Rental Housing Rebate and Transitional Rules

Gary Reed Coldwell Banker Home & Family Realty Brokerage 1515 Rebecca Street, Unit 21
Oakville, Ontario
L6L 5G8 1-800-695-7283 905-825-7777 905-825-3593 (Fax)