Please be informed
The BC government announced a few hours ago that effective April 1, 2013, HST will be scrapped. THIS STILL MEANS PURCHASERS CAN PAY UP TO 12% TAX ON NEW HOMES! The government did NOT announce that new homebuyers will go back to paying only GST on new homes, but will now be paying both GST AND PST. The only change in the effective tax payable by new home buyers is that the threshold for the maximum PST rebate has increased from homes worth up to $525,000 (max. rebate $26,250) to homes worth up to $850,000 (max. rebate $42,500).
Grab a copy of the paper this weekend to read more on this story, or follow the link below for the CBC News webpage.
