Housing Tax Breaks in B.C.

In British Columbia, we have a harmonized provincial and federal taxation system also known as the HST. However, this taxation system, after being implemented without public consultation or vote, was put to a vote last year, which has overruled the current system, forcing the government to return to a taxation system of separate GST and PST taxes. The changes to the system, though slowly taking place, are underway and will be properly re-implemented by a said date of April 1st, 2013.Contractors and new home buyers just received a very early Christmas present. Due to the changes in the provincial taxation system, the government has taken preventative measure to ensure a responsible and fair transition. In doing this, the government is offering an HST rebate of up to $42,500 on newly built homes, up to $850,000 in price. This price range encompasses 90% of new houses on the market, and overall, this new change is bringing delight into the eyes of new home buyers.“These measures ensure that there is fairness and equity throughout the transition period, and provide a roadmap for the housing industry to make the transition back to PST as smooth as possible,” said Finance Minister Kevin Falcon, “The relief measures announced today are a boost to home buyers purchasing either a new primary residence or a secondary home. At the same time, they help an important job-creator in all parts of the province.”To learn more, view the following article from the Vancouver Sun:http://www.vancouversun.com/business/real-estate/Kevin+Falcon+announces+transition+rules+homes/6171092/story.html photo courtesy of http://mbowler.featuredblog.com/?m=200902

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