Transitional Period is from April 1, 2012 to April 13, 2013.
If you buy a NEW house during transitional period:
1/ you will have to pay a transitional BC provincial tax of 2% on house price.
2/ you will still like before have to pay GST (5% on house price) to the federal government.
Principal Home Buyers still get federal rebate:
**36% rebate x 5% GST x hse price $350,000 = maximum rebate $6,300
**from $350,000 to $450,000, maximum rebate $6,300 will be phased out on a straight basis; at $450,000, federal rebate=0
If you buy a NEW house during transitional period:
1/ you will have to pay a transitional BC provincial tax of 2% on house price.
2/ you will still like before have to pay GST (5% on house price) to the federal government.
Principal Home Buyers still get federal rebate:
**36% rebate x 5% GST x hse price $350,000 = maximum rebate $6,300
**from $350,000 to $450,000, maximum rebate $6,300 will be phased out on a straight basis; at $450,000, federal rebate=0
No comments:
Post a Comment