| | Wednesday, July 14, 2010 Harmonized Sales Tax - HST & its Effects on BC Real Estateby Karrie Brennan on Wed, Jul, 14, 2010 01:14 AM Harmonized Sales Tax—HST
July 1st, 2010 The HST at 12%, composed of a federal part at 5% and a provincial part at 7%, would apply to a builder's sale of a newly constructed or substantially renovated residential complex, including a multiple unit residential complex (e.g., an apartment building). The sale of housing that has been previously occupied by an individual as a place of residence and that is exempt from GST would also be exempt for purposes of the HST. The definitions in the Excise Tax Act that relate to housing (e.g., builder, residential complex, residential unit, residential condominium unit, substantial renovation) and the CRA's current policies regarding the application of the GST to housing, would generally apply. under the HST.
HST Rebates
Price: HST 12% Provincial HST Property 1st Time GST
Rebate (5%) Transfer Tax Buyers Exempt Rebate
$250,000 $30,000 (12,500) $3,000 ($3,000) ($4,500)
$350,000 $42,000 (17,500) $5,000 ($5,000) ($6,300)
$525,000 $63,000 (26,250) $8,500 N/A N/A
$750,000 $90,000 (26,500) $13,000 N/A N/A $1,000.000 $120,000 (26,250) $18,000 N/A N/A
Notes: 5% up to 1% on 1st exemption to 36% of the
$525,000 $200,000, $425,000 5 % of HST
than fixed at 2% on than phases up to $350,000
$26,250 after. remainder. out. declines to zero
after $450,000.
Therefore:
Total Tax if Total Tax if Not
Price: 1st Time Buyer 1st Time Buyer
$250,000 $13,000 $16,000
$350,000 $18,200 $23,200
$525,000 $45,250 $45,250
$750,000 $76,750 $76,750
$1,000,000 $111,750 $111,750
Disclaimer: For more in depth analysis of the HST and applicable rebates, please speak to your Real Estate Lawyer.
Wednesday, July 14, 2010 Buying A Home & Selling Your Homeby Karrie Brennan on Wed, Jul, 14, 2010 12:34 AM
Buying A Home:
· You set the pace
· Thinking out side of the box
· No Pressure
· Defining the “must haves & the want to haves”
· Negotiating the best price for you.
Selling Your Home:
· Free Home Evaluation
· Advice on Home Staging
· Professional Quality Photos
· Personal Contact, Accessibility & Accountability
· Customized Marketing Plan
· Continuous Feedback
For more information Contact:
Karrie Brennan REALTOR
Pemberton Holmes, Duncan
karriebrennan.com
Office: 250-758-8123
Wednesday, July 14, 2010 Referral Appreciation Programby Karrie Brennan on Wed, Jul, 14, 2010 12:25 AM 
Referral Appreciation Program
Your referrals are important to me, they help to grow my business & get my name out there. To show my appreciation for your referrals, I am offering a
$250 Gift Certificate for all referrals of buyers and sellers upon completion.
You can be confident that your referrals will be treated as a priority, their best interests will come first and foremost.
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