November 9, 2011
HST & Resale Homes
Since the HST was introduced last year, people are still confused about how it applies to the purchase of a resale home. In fact, more than 50% of Ontarians wrongly believe that the HST is applied to the purchase price of a resale home, according to a recent survey conducted by Ipso-Reid. The truth is that the HST is not applied to the purchase price of a resale home, rather it is only applied to the transaction fees that are associated with the purchase of a resale home. For example, it would be applied to the Realtor and legal fees, etc.
Below is a video produced, in a joint effort by the Ontario government and the Ontario Real Estate board, to educate the public about the HST and resale home purchases with the former Minister of Revenue and the president of OREA speaking on the topic:
For more info visit www.ontario.ca/taxchange