Tax time

Mourning

With tax time coming up shortly here in Canada, I thought I would revisit a topic: when do you have to pay HST on a house?

The short answer: always, unless there is an exemption. One major exemption is for resale homes; as long as it has been used for residential purposes, there is generally no HST. There are also significant rebates on new homes if you or an immediate family member plans to live there. There are also a number of very grey areas: farmland, houses used as part of a business, or houses that have been substantially renovated. If you’re not sure whether HST will apply, ask a specialist.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn