HST Rules - Effective April 2012

On Feburary 17th, 2012 the Government announced the transitional rules for returning to the PST. Below you will find information as well as the detailed tax information notice on these rules.

The housing transition rules help ensure when people buy a newly constructed home under the PST, whether built entirely under the HST, entirely under the PST, or partly under HST and partly under the PST, they will all pay a consistent and equitable amount of tax. The transition rules provide certainty for new-home construction and sales, particularly during the transition period.

The transition rules include a maximum rebate for home buyers starting April 1,2012 to $42,500 for purchase up to $850,000.

For full details visit:

http://www.hstinbc.ca/buying_goods/buying_a_home/new_home_tax_calculator