Posted on: 18-04-06 13:51:46
Just curious. Are the builders charging GST and PST on new homes?
I was at a party last evening and someone told me this. I was shell shocked. None of my friends who purchased brand new homes told me abt gST and PST.
Is the info what I am getting is right?
DIO
Quote:
Originally posted by desi in ottawa
Just curious. Are the builders charging GST and PST on new homes?
I was at a party last evening and someone told me this. I was shell shocked. None of my friends who purchased brand new homes told me abt gST and PST.
Is the info what I am getting is right?
DIO
GST only...not PST. The builder will usually quote the final amount. Check to see if the Govt. is refunding the GST for 1st time new home buyers. The last time (a few years ago) they had a program, and kept extending it.
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SS
Reiki Grand Master
yes refund program is still working. My friend bought a home last year and cliamed the money in this year's return.
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______________________________________________________________________
Priyank Patel | Lead Software Engineer | Softtech olutions | softtech3p.com
Resale homes are exempted from the 7% GST in Ontario.
New homes are subject to 7% GST. New home buyers (first time home buyer) can apply for a 2.52% rebate of the 7% GST applicable to the purchase price to a maximum of $8750 for homes costing less than $350,000 before GST. For new homes between 350,000-450,000 before GST, The GST rebate would be reduced proportionately. New homes priced $450,000 and above do not qualify for any GST rebate.
Either home buyer or the builder can qualify for the above rebate. In most of the cases the home builder applies for the rebate and credits the same directly to the home buyer or reduces the home price equivalent to the rebate amount. The home should be either a single unit residential complex or a residential condominium unit. The home is intended for use as the primary place of residence.
More at: http://realestate-ontario.com/firsttimebuyer.htm
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