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Return to PST on April 1st, 2013

What does the Return to PST on April 1st, 2013 mean for Real Estate?

For the full wesbite please CLICK HERE

 

“On February 17th, 2012 the Government announced the new housing transitional rules for returning to the PST. Below you will find information, and links to the Canada Revenue Agency's notice with the Q&As on these rules.

The housing transition rules help ensure when people buy a newly constructed home under the PST, whether built entirely under the HST, entirely under the PST, or partly under HST and partly under the PST, they will generally all pay a consistent and equitable amount of tax. The transition rules provide certainty for new-home construction and sales, particularly during the transition period.

  • B.C.’s portion of the HST will no longer apply to newly built homes where ownership and possession transfer on or after April 1, 2013.
  • While PST will not apply to the purchase of new homes, builders will once again pay seven per cent PST on their building materials. On average, about two per cent of the home’s purchase price will again be embedded PST.
  • The temporary housing transition measures will be in place for two years, until March 31, 2015.
  • A new temporary housing transition tax of two per cent will generally apply to purchasers of new homes where at least 10 per cent of construction has begun before April 1, 2013, and ownership and possession transfer on or after that date.

The temporary housing transition tax and the temporary housing transition rebate for builders will be administered by the Canada Revenue Agency on behalf of B.C.

For newly built homes where construction begins before April 1, 2013, but ownership and possession transfer after, purchasers will not pay the seven per cent provincial portion of the HST. Instead, purchasers will pay a transitional provincial tax of two per cent on the full house price. This ensures equitable treatment among purchasers during the transition between HST and PST and will help mitigate distortive market behaviour. Eligible builders who have paid PST on at least some of the construction materials incorporated into the new housing will receive a transition rebate that helps to offset the PST and helps prevent double-taxation on homebuyers.

The act covering the temporary housing transition tax and the temporary housing transition rebate comes into effect on December 1, 2012.

Under a newly passed regulation, builders are required to provide specific tax-related information to purchasers to ensure a shared understanding of the taxes and rebates that are included in the contracted purchase price and that apply under the transition rules. Builders who fail to disclose the required information may incur a penalty.

  • Average amount of embedded sales tax in newly built homes under PST: two per cent.
  • Provincial portion of the HST paid by purchasers on an $850,000-newly built home after HST rebate: two per cent.
  • Temporary provincial transition tax rate on a newly built home during transition: two per cent.

The B.C. new housing rebate threshold has been increased to $850,000, meaning more than 90 per cent of newly built homes may now be eligible for a provincial HST rebate of up to $42,500.

It is important to note that the HST does not apply to resale housing.

Raising the B.C. HST rebate threshold to $850,000 is expected to save purchasers about $60 million in 2012-13.

The maximum value rises to $42,500 from $26,250, a 60 per cent increase.

To help support workers and communities in B.C. that depend on residential recreational development, purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital regional districts priced up to $850,000 are now eligible to claim a provincial grant of up to $42,500 effective April 1, 2012. The Province is administering the grant for new secondary vacation and recreational homes.

Related Links:

Comprehensive CRA Q&A's on the transition tax, transition rebate, and enhanced new housing rebates: Notice 276: Elimination of the HST in British Columbia in 2013 - Transitional Rules for Real Property Including New Housing.

Ministry of Finance Factsheet: New Housing Transition Tax and Rebate Act and Vendor information Requirements

Tax Information Notice: Enhanced New Housing Rebates and Transitional Rules for the Re-implementation of the British Columbia Provincial Sales Tax. This provides a broad overview of the transitional rules for new housing. For final, specific rules, see the New Housing Transition Tax and Rebate Act and the regulation to the act. In case of any discrepancy, the act and regulation supersede the notice.

Grant for New Secondary or Recreational Residences

B.C. HST New Housing Rebate threshold increase

Application for First-Time Home Buyers' Bonus "

 

Citation: HSTINBC

Ashley Nielsen - Real Estate- Listings- Prudential Realty - Vancouver Real Estate -


2013年4月1日返回到PST
什么返回到PST,2013年4月1日的意思是房地产?

如需完整的wesbite,请点击这里

“在2012年2月17日,政府公布了新的住房过渡性规则返回的PST。下面你会发现信息,并链接到的Q&作为这些规则的加拿大税务局的通知。

住房过渡规则有助于确保当人们购买新房屋下的PST,不论是完全建立在HST,完全是根据PST,或部分在HST和部分下的PST,他们一般都付出了一致和公平的金额税。过渡规则提供明确的新的住房建设和销售,特别是在过渡期间。
■不列颠哥伦比亚省的HST部分将不再适用于新建房屋的所有权和占有权转让于2013年4月1日或之后。
■在PST将不适用于购买新的家园,建设者将再次支付7%的PST建材。平均而言,大约有2%的家庭的购买价格将再次被嵌入,PST。
■在临时住房过渡措施,将在两年,直到2015年3月31日。
■新的临时房屋的过渡税的百分之二,一般适用于购买新的家园,其中至少有10%的建筑2013年4月1日前已经开始,并于该日或之后的所有权和占有权转移。

将管理由加拿大税务局的临时房屋的过渡税和临时住房过渡退税的建设者代表的BC

对于新建房屋在2013年4月1日前开始建设,但所有权和拥有权转移后,买方将不支付百分之七省的HST部分。相反,买家将支付房价的一个过渡性的省税的2%。这将确保公平的待遇之间购买HST和PST之间的过渡期间,将有助于减少扭曲市场的行为。合资格的制造商至少在一些建筑材料纳入新的住房支付PST会收到一个过渡回扣有助于抵消的PST和帮助购房者避免双重征税。

2012年12月1日生效覆盖临时住房过渡税和临时住房过渡退税的行为。

根据新通过的调控,制造商需要提供具体的税务相关信息的买家,以确保合同购买价格中所包含的税收和退税的过渡规则下适用的一个共同的理解。建筑商没有透露所需要的信息,可能会招致罚款。
■嵌入在新建房屋的销售税PST:平均量的百分之二。
■省部分由购买者支付的850000美元新建回家后,HST退税:2%的HST。
■临时省级过渡税率在过渡期间新建成的家:百分之二。

在不列颠哥伦比亚省新的房屋退税的门槛已经提高到850000美元,这意味着超过90%的新建房屋,现在可以有资格的42500美元省的HST退税。

重要的是要注意,HST不适用于转售住房。

提高不列颠哥伦比亚省HST退税阈值,850000美元,预计将节省购买约6000万美元,在2012-13年。

的最大值上升到42500美元的,由$ 26,250,增加了60%。

为了帮助工人和社区在不列颠哥伦比亚省依赖于住宅康乐发展,购买新的辅助度假或休闲舍外大温哥华地区和首都地区地区的售价高达850000美元现在有资格要求省级拨款高达42500美元2012年4月1日起生效。省管理授出新的辅助度假和休闲的家园。

 

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