If you are Selling a Property, here is what you need to know!
HST is included in the selling price of your property. As with GST the listing price includes the HST and you are not required to pay any HST on the sale of your home
there is HST on services paid to sell your home this includes real estate fees. legal fees, home inspections and staging services which are the most common costs
assuming your total cost for services such as legal, conveyance, staging and home inspection is a total of $2500. HST will effectively increas your tax in costs about $200 *
real estate commission preiously taxed at 5% (GST) will now be taxed at 13% (HST) i.e. for every $1,000 you pay in commission to sell your home, you will pay an additional $80 in taxes
for sellers of new construction homes - if you do not live in your new home for a reasonable period of time after taking possession you may have to pay HST on the selling price - check with your lawyer and/or accountant
* I include many services such as legal fees, staging and home inspections for my clients. Contact me for more information about my cash back program!
