UrbanVigor
Active Member
There appears to be a lot of vague info relating to the HST on new homes under $400,000.
My understanding is that there is a rebate of 75% in which case I would expect that there would still be a portion of HST to be paid. However, then I read that the province announced that HST would only be charged on the amount of the purchase price that is over $400,000.
What would benefit me most is if someone could provide the actual HST calculation on a new home under $400,000, say $390,000. (It may benefit others as well if they could see the calculation applied to a $450K home and to a $550K home). I assume GST would have to be backed out of the purchase price? Seeing the calculation would make it most clear.
Also helpful would be a link to the info that is most clear and concise and from a reliable source. I found this (http://blog.livehigh.com/2010/02/latest-buzz-hst-explained.html) and it seems to answer my question on the calculation but then I don't understand any claims that HST would only be charged on the amount of the purchase price that is over $400,000...
Thanks in advance! I hope this helps others too.
My understanding is that there is a rebate of 75% in which case I would expect that there would still be a portion of HST to be paid. However, then I read that the province announced that HST would only be charged on the amount of the purchase price that is over $400,000.
What would benefit me most is if someone could provide the actual HST calculation on a new home under $400,000, say $390,000. (It may benefit others as well if they could see the calculation applied to a $450K home and to a $550K home). I assume GST would have to be backed out of the purchase price? Seeing the calculation would make it most clear.
Also helpful would be a link to the info that is most clear and concise and from a reliable source. I found this (http://blog.livehigh.com/2010/02/latest-buzz-hst-explained.html) and it seems to answer my question on the calculation but then I don't understand any claims that HST would only be charged on the amount of the purchase price that is over $400,000...
Thanks in advance! I hope this helps others too.