G.S.T. on new home purchases.
(Effective July 1, 2006)
- When you buy a newly constructed home, condominium, or townhouse, the entire purchase price, including land, is taxable.
- Co-operatives, Mobile homes on land, and leases are also subject to G.S.T.
- You may qualify for a partial G.S.T. rebate, depending on the purchase price.
- For residential purchases to $350,000 or less you will pay net G.S.T. of 3.84%.
- For residential purchases of $450,000 or more you will pay the full 6% G.S.T.
For residential purchases between $350,000 and $450,000 the G.S.T. rate is calculated by subtracting the purchase price from the maximum discounted value of $450,000 and dividing that figure by 100,000 and multiplying by 7,560. This amount represents the G.S.T. discount which will be subtracted from the 6% figure.
There is no G.S.T. on the purchase of a used residential property.
Here are some figures and the matching GST rate:
$350K - 3.840%
$355K - 3.977%
$360K - 4.110%
$365K - 4.265%
$370K - 4.365%
$375K - 4.488%
S380K - 4.607%
$385K - 4.724%
$390K - 4.837%
$395K - 4.947%
$400K - 5.055%
$405K - 5.160%
$410K - 5.262%
$415K - 5.362%
$420K - 5.460%
$425K - 5.555%
$440K - 5.828%
$445K - 5.915%
$450K - 6.000%
Prudential Sussex Realty
Committed Service. Real Estate Sales.
Real Estate North Vancouver. Real Estate West Vancouver. Real Estate Downtown Vancouver. Real Estate in the Lower Mainland. Buy and Sell Real Estate. Specialized in Real Estate. Dave Valente. Valente Real Estate.