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HST FEE JULY 1
Thursday, April 8th, 2010 7:32 pm
So many people are asking if there are exceptions to the charge. The HST will be charged on Commisions.
What I can determine is as follows:
- If the deal is firmed up before july 1 and closes after July 1 – 5% gst is charged
- If the deal is 90% done before July 1 , and firms up after that possible 5% depending on what needs to be completed.
- Otherwise anything after July 1 is 13%
$200,000 @ 5% commission is $ 10,000.00 .This is split four ways ( Buyer, Agent, Seller Agent, Buyers Broker, Sellers Broker )
HST would be13% or $ 1300.00 cdn funds.
Please access all government web sites in first HST article. New Homes tend to be a bit more complicated . There is a grandfather clause which I have not covered. This depend on how much of the home is constructed before and after.
Hope these three HST articles assist you with your planning,
carl
Tags: Burlington Hamilton Real Estate, HST TAX
Posted under HST INFORMATION
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