Out with the new, in with the old – it sounds odd but has its benefits.
With the elimination of the HST and the return to the PST and GST, tax on newly constructed homes returns to 5% GST.
As the provincial government transitions from one system to the other, they have introduced a new tax called the BC Transition Tax, which is a 2% sales tax that applies to new homes that are 10% or more complete as of April 1, 2013.
What does this mean for the purchase of a cottage? Good things! The 12% HST that applied to previous cottage sales is now only 5% GST and 2% Transition Tax; 7% overall and a total savings of 5%
For more information, please call or email us today. 1-877-888-4950 info@CultusLakeCottages.com