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HST on Resale Homes, New Homes and Rental Properties in Ontario

September 2, 2011 - Updated: September 2, 2011

 

 

HST on Resale Homes, New Homes 

and Rental Properties 

in Ontario

The Basics on how to the Ontario HST affects a Home Buyer, Seller and Tenant in Real Estate.

The Ontario provincial government has combined the 8% PST (Provincial Sales Tax) with the 5% FST (Federal Goods and Services Tax), 

creating a new 13% HST - Harmonized Sales Tax.

 

The HST came into effect on 1 July, 2010:

 

♦ HST does NOT apply on the purchase price of re-sale homes

♦ HST DOES apply to services such as moving cost, legal fees, home inspection fees, appraisal fees, labour for renovations, landscaping and    REALTOR commissions if applicable

♦ It is estimated, the average home buyer will likely pay $1200 - $1500 additional cost in HST fees when moving

HST applies to the purchase price of newly constructed homes. However, the Province 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 (so you are looking at a savings up to the first $24,000 hst)

♦ For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system

 

HST on Rent?

Since Landlord has increased costs for the goods and services he uses, such as labour for repairs, landscaping etc., expect your rental rates to rise.

 

HST on Condominium Maintenance Fees?

Many services associated with common maintenance of the building will be subject to HST. It makes common sense to expect some adjustment for monthly fees. 

 

More Details

If you have more Questions about the HST, additional details are available at the provincial government web site

www.rev.gov.on.ca or by calling government enquiry line at 1-800-337-7222

 

 

 

 


Tagged with: buying real estate tax real estate hst
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Natasha McColl for TorontoCondominiums.Com

Sutton Group Realty Systems Inc. Brokerage

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2186 Bloor Street West, Toronto ON, M6S 1N3

Direct: 647-222-2222

Office: 416-762-4200

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