The BC GST for property is a 5 Federal tax that is payable on the sale of brand new properties in British Columbia.
In the case of a principal residence, especially condos, the builder usually handles the rebate and will already have included the HST rebate in the purchase price; be aware that you are signing this credit over to them to get a discounted price on the.
In the case of investment properties, the full HST is paid up-front, and the purchaser bears the responsibility of applying for the rebate.
Comment/Notes, security Code should be Empty: I get so many questions on this topic that I have added this BC GST Rebate and PTT Calculator to my website to try to dispel some of the confusion surrounding taxes and real estate.
Is BC GST payable on all property transactions?What is the Property belks coupon code november 2014 Transfer Tax (PTT) in BC?When is PTT Payable on Property Sales in British Columbia?Are you a realtor?This is a substantial repayment of taxes.British Columbia Goods and Services Tax for Properties Property Transfer Tax Calculator.The GST credit represents a refund of anywhere from 0-36 on the eligible, gST amount attributed to the purchase.GST Pre Sale Condominium,.C.He recently assisted us in the sale of a property that sold close to asking, in a week, in a soft market.
The credit for such a purchase would be 36 of the 17,500 6,300 for the GST portion and 75 of the 28,000 21,000 for the PT portion, totalling 27,300.
For homes under 350,000 that the buyer intends on living in, there is a full 36 rebate of the GST referred to at the.S.T.
He was excellent to work with, and made the buying process easy and stress-free even though we were in another city for much of the process.
However, the GST component is no longer based on the 350,000 purchase price, but instead the 500,000 fair market value.Make sure that the intended use of the residence is clear to the builder to prevent them from applying for the rebate as a principal residence, only for you to end up using it as an investment property instead.Yes, buyers who are BC residents and have not purchased a property anywhere in Canada or the world are are not required to pay PTT when buying a property under 475,000 (Updated February 2014 as per the changes lowes contest to the First Time Home Buyers PTT.Well assume principal residence for now and address how this differs from an investment property in the next section.Lets look at a couple of examples.Check out this great Realtor Commission Calculator and 40 Year Canadian Mortgage Calculator!Another possibility is that you moved to a different city for work purposes.The Purchaser must not be entitled to claim input tax credits in respect of any part of the tax payable on the acquisition of the rental unit.My condo was on the market within days of calling him, and sold after only two weekends of open houses.No, only new properties are subject to BC HST.