BC said "NO" to HST!

It was announced today that BC, with 54.7% of the total 1.6 million votes, voted to extinguish the HST, and return to the previous GST + PST tax system.  However, the government will need roughly 18 months to restore the old 7% PST (and 5% GST).  The HST will remain in place until March 31, 2013.

So that means home buyers purchasing new homes will continue to pay the 12% HST until then. 

If the previous rules for the GST and PST system are restored, those purchasing of new homes will be subject to a 5% GST.  New home buyers may also be eligible for a partial GST housing rebate, for homes priced up to $450,000.



* Readers note:  All information provided above should be confirmed by your accountant.  No responsibility will be assumed for its accuracy. 

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