If you are planning to sell your house this spring, and are disheartened by the amount of brand new homes for sale in your area, take heart! It seems the Government slide off more of our bucks than we probably realize, but at least one of these taxes could work in your favor.
A new report that has been commissioned by combined builder and broker mortgage associations has been be-wailing one big disadvantage when buying a new home. The Canadian Government will levy GST on a new home, whereas re-sale homes are exempt.
On an average house price this can add an extra $20,000 into the outlay. This is $20,000 that is not included in the asking price, it is an add on. Since the GST was introduced in 1991, house prices have more than doubled, which means that the GST portion has doubled too. However, the house prices have jumped up and over the rebate ceiling and many people are not able to take advantage of the rebate anymore.
This means that whereas, in 1991 when the bill was introduced, over 90% of house owners qualified for a full rebate, now only 52% qualify. The GST bill was supposed to be reviewed every two years, but the rates have never once been...
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