Last update: December 17, 2012
On August 26, 2011, the provincial government announced that it will eliminate the Harmonized Sales Tax (HST) by March 31, 2013. Commencing April 1, 2013, in BC the HST will be replaced by the federal Goods and Services Tax (GST) and the BC Provincial Sales Tax (PST). On February 17, 2012, the BC Ministry of Finance and the federal Ministry of Finance announced general transition rules for real property.
The following questions and answers are intended to provide clarity regarding sales of new housing at a high level. For advice about specific transactions and situations, BCREA suggests individuals seek legal and/or accounting advice, as appropriate.
For more information, see:
- BC Ministry of Finance HST Notice #12: www.hstinbc.ca/media/2012_housing_rules_.pdf
- Federal Department of Finance notice “Transitional Rules Relating to the Elimination of HST in British Columbia”:www.fin.gc.ca/n12/data/12-017_1-eng.asp
- Canada Revenue Agency GST/HST Notices:
- 270, “Elimination of the HST in British Columbia in 2013 – Questions and Answers” (February 2012): www.cra-arc.gc.ca/E/pub/gi/notice270/notice270-e.html
- 272, “Proposed Enhancements to the British Columbia New Housing Rebates and New Residential Rental Property Rebates” (March 2012): www.cra-arc.gc.ca/E/pub/gi/notice272/notice272-e.html
- 276, "Elimination of the HST in British Columbia in 2013 – Transitional Rules for Real Property Including New Housing" (October 2012): www.cra-arc.gc.ca/E/pub/gi/notice276/notice276-e.html
- BC Ministry of Finance - "What's Taxable Under the PST and What's Not?":www.pstinbc.ca/media/2013_GST_PST_List_WEB.pdf.pdf
From http://www.bcrea.bc.ca/government-relations/pst-transition-rules
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
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