Frank Salvatore
Frank's Blog, Health and Lifestyle, Realty News

H.S.T and what it means to you

June 22, 2010 by · Leave a Comment 

Well the H.S.T. is here and in a nut shell this means that everything that G.S.T was applicable to prior to July 1st is now also subject to an additional 8% P.S.T and rolled into the new H.S.T.

Ontario has introduced a federally administered Harmonized Sales Tax (HST) that has applied to most purchases and transactions. 

 A recent poll has indicated that 67% of Canadians believe that H.S.T is applicable to the purchase price of all Residential homesThis is not the case as the H.S.T is only applicable  to newly constructed homes over $400,000, and will not apply to resale homes.  In Addition Newly constructed homes will receive a rebate of up to $24,000 regardless of the price of the new home.

Although the HST will not apply directly to the Sale of Resale homes it will apply to all the service fees associated to the Sale of the property. This includes Real Estate fees, Lawyer Fees, Home Inspection fees and Appraisal Fees etc.

To Learn more about the HST click www.rev.gov.on.ca/en/taxchange/homebuyers.html.

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Frank Salvatore