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| *The Commerce Journal>>>Canada Taxes |
Do we have to pay for GST and PST on the sale price of a house or property? |
Suppose you agree to buy a house selling for $100 000. Will you have to add GST and PST taxes to the final sale price? I mean will you have to fork out an additional $13000 - $14000 dollars on top of the $100 000, assuming 6% GST and 7% PST? Instead of $100 000 will the final cost of the house be $113 000 - $114 000? No, GST/PST is not applied to the price of a house (resale). But if you bought a new house from a developer, its subject to GST. Not sure what PST or GST is but taxes are paid in arears. Meaning if you buy a house now, you will get a tax credit from the sellers for the time they spent in the house and you will pay the property taxes for the full year of the home at the end of the year or twice a year, depending on how you set it up. But if I were you I'd calculate it into my mortgage payment, that way you dont have to worry about it. |
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