Sunday, 29 August 2010

HST Review - How will the HST affect my housing costs in Toronto?

The HST tax will be applied to heating fuels, electricity, professional services such as architect's fees and real estate commissions.

The HST tax will not be applied to the purchase of resale property, condo fees, most financial services, residential rent and municipal public transportation.

Does this make it all more expensive? In some cases definitely yes when the exemptions to the old taxes were removed. Remember also that the old tax of 8% PST and 5% GST has been replaced. The single HST tax we now pay is 13%.

See our vlog and  our buyer's services

1 comment:

David said...

I was concerned that the HST would apply to the sale of our home.
After checking the Ontario Ministry of Revenue site http://www.rev.gov.on.ca/en/taxchange/taxable.html
I was relieved to find that there is no HST on resale homes.
This is information that Real Estate Boards should be promoting as I have heard from others who were under the same misconception. Unfortunately it is too easy to find mis-information on the Internet and Facebook (500 million users).