Federal GST, currently at 5%, and/or BC transitional tax, currently at 2%, apply only to new construction homes and some renovated properties. Which tax and how much tax applies depends on the purchase price and when the purchase closes.
For price points below $450,000, the federal government offers a GST rebate. There is no rebate associated with the BC transitional tax.
BC transitional tax applies only on purchases that close on or before March 31, 2015 and only to those to which GST also applies. After that date, only GST will apply to new construction homes and substantially renovated properties.
|Purchase Price ?|
|Does GST or HST apply? ?|
|If GST applies, will purchase close before April 1, 2015?|
|If GST applies, did construction start prior to April 1, 2013?|
|Purchase price ?||0.00|
|GST payable ?||0.00|
|BC transition tax payable ?||+ 0.00|
|Gross tax payable||0.00|
|GST rebate ?||- 0.00|
|Net tax payable||+ 0.00|
|Total purchase price||0.00|