|End of the 2% Transition Tax on new homes
April 1, 2015 marks the end of the 2% BC Transition Tax on new homes.
You may remember a few years back with the end of the HST and the return to the PST/GST system, the government introduced a 2% Transition Tax to ensure the equitable application of tax for purchasers of new residential homes currently under the HST system.
As planned, the transition will end April 1.
This means that after April 1 you will no longer have to submit a Contract of Purchase and Sale of a New Home Addendum to report out the Transition Tax.
Here is a graphic from BCREA:
Click here for information from the BC government.
Click here for info from the CRA.