{"id":176,"date":"2012-02-18T05:48:48","date_gmt":"2012-02-18T05:48:48","guid":{"rendered":"http:\/\/renerealestate.com\/blog\/?p=176"},"modified":"2012-02-18T05:48:48","modified_gmt":"2012-02-18T05:48:48","slug":"government-announces-new-hstpst-housing-transitional-rules","status":"publish","type":"post","link":"http:\/\/renerealestate.com\/blog\/government-announces-new-hstpst-housing-transitional-rules\/","title":{"rendered":"Government announces new HST\/PST housing transitional rules"},"content":{"rendered":"

Here is a quick explanation by the Vancouver Real Estate Board of the new transitional rules for HST\/PST.<\/strong><\/p>\n

 <\/p>\n

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Government announces new HST\/PST housing transitional rules
\nThe government today announced the HST\/PST transitional rules on new homes.As the province transitions back to the PST, which will replace the HST effective April 1, 2013, measures to ease the HST burden on new home buyers include:<\/p>\n

\uf0a7 The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90% of newly built homes will now be eligible for a provincial HST rebate effective April 1, 2012.
\n\uf0a7 The maximum rebate will increase to $42,500 from $26,250 effective April 1, 2012.
\n\uf0a7 Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012.
\n\uf0a7 For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the 7% provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of 2% on the full house price.<\/p>\n

HST\/PST transition rules will help ensure that whenever purchasers buy a new home they will all pay a consistent and equitable amount of tax, whether the home is built:<\/p>\n

\uf0a7 entirely under the HST;
\n\uf0a7 entirely under the PST; or
\n\uf0a7 partly under HST and partly under the PST.<\/p>\n

The temporary housing transition measures will be in place until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.
\nREBGV successfully advocated for the following:<\/p>\n

\uf0a7 An increase in the threshold value of homes to be covered by the rebate;
\n\uf0a7 An increase in the rebate amount;
\n\uf0a7 An announcement of the transition rules for new homes as early as possible.<\/p>\n

The BC Real Estate Association plans to provide Boards with a list of FAQs and draft contract language that REALTORS\u00ae can use in their listing agreements and contracts of purchase of sales contracts. We will post these on www.realtorlink.ca and in REALTORLink News.
\nFor more information, visit the BC Ministry of Finance at: www.pstinbc.ca
\nTo read the Ministry of Finance announcement: www.newsroom.gov.bc.ca\/2012\/02\/transition-measures-support-new-home-buyers-builders.html
\nIf you have questions, please contact Harriet Permut, Manager, Government Relations, at hpermut@rebgv.org.<\/p>\n

COPYRIGHT\u00a9 REAL ESTATE BOARD OF GREATER VANCOUVER. ALL RIGHTS RESERVED.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Here is a quick explanation by the Vancouver Real Estate Board of the new transitional rules for HST\/PST.     Government announces new HST\/PST housing transitional rules The government today announced the HST\/PST transitional rules on new homes.As the province transitions back to the PST, which will replace the HST effective April 1, 2013, measures […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[8,7,5],"tags":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pa0qGx-2Q","_links":{"self":[{"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/posts\/176"}],"collection":[{"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/comments?post=176"}],"version-history":[{"count":3,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/posts\/176\/revisions"}],"predecessor-version":[{"id":183,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/posts\/176\/revisions\/183"}],"wp:attachment":[{"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/media?parent=176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/categories?post=176"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/renerealestate.com\/blog\/wp-json\/wp\/v2\/tags?post=176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}