Victoria Abode

Your Vancouver Island Realtor®

Contact:

mobile: 250-891-8991
office: 250-479-3333
millsbrian@gmail.com

 

Categories

End of the 2% Transition Tax on new homes

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. 

 

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.