BC HST and Property Transfer Tax Chart
|
Purchase Price |
PTT (1st time buyer) |
PTT (non-1sttime |
Gross HST |
GST portion |
Provincial |
Net HST payable |
Net Price |
Net Price (non-1st time buyer) |
|
$250,000 |
$0 |
$3,000 |
$30,000 |
$4,500 |
$13,000 |
$12,500 |
$262,500 |
$265,500 |
|
$350,000 |
$0 |
$5,000 |
$42,000 |
$6,300 |
$17,500 |
$18,200 |
$368,200 |
$373,200 |
|
$400,000 |
$0 |
$6,000 |
$48,000 |
$3,150 |
$20,000 |
$24,850 |
$424,850 |
$430,850 |
|
$425,000 |
$0 |
$6,500 |
$51,000 |
$1,575 |
$21,250 |
$28,175 |
$453,175 |
$459,675 |
|
$435,000 |
$2,680 |
$6,700 |
$52,200 |
$945 |
$21,750 |
$29,505 |
$467,185 |
$471,205 |
|
$445,000 |
$5,520 |
$6,900 |
$53,400 |
$315 |
$22,250 |
$30,835 |
$477,280 |
$482,800 |
|
$450,000 |
$7,000 |
$7,000 |
$54,000 |
$0 |
$22,500 |
$31,500 |
$488,500 |
$488,500 |
|
$500,000 |
$8,000 |
$8,000 |
$60,000 |
$0 |
$25,000 |
$35,000 |
$543,000 |
$543,000 |
|
$525,000 |
$8,500 |
$8,500 |
$63,000 |
$0 |
$26,250 |
$36,750 |
$570,250 |
$570,250 |
|
$600,000 |
$10,000 |
$10,000 |
$72,000 |
$0 |
$26,250 |
$45,750 |
$655,750 |
$655,750 |
|
$1,000,000 |
$18,000 |
$18,000 |
$120,000 |
$0 |
$26,250 |
$93,750 |
$1,111,750 |
$1,111,750 |
*Assuming purchaser qualifies for the New Housing Rental Rebate and that the Vendor is providing credit at time of closing.
** Assuming the Vendor is providing credit at time of closing
PTT: Property Transfer Tax
HST: Harmonized Sales Tax
GST: Goods and Services Tax
Please take special note of the text regarding disclosure of the HST.
Harmonized Sales Tax
Generally applies to contracts signed after November 18, 2009 with possession and registration occurring after July 1st, 2010.
Rate is 12% (5% GST and 7% provincial component)
Rebate:
- If purchase price is below $525,000, rebate is 71.43% of Provincial component (5% of 7%)
- If purchase price is above $525,000, maximum is $26,250
GST New Housing Rebate still applies
Can be credited by developer OR applied for after purchase
Transitional period:
- Contracts before November 18, 2009 with possession after July 1st, 2010
- Builder pays transitional tax to ensure building has tax content equal to what it would have if completed before July 1st, 2010
- Builder may be eligible for PST new housing transitional rebate
Disclosure:
- Contracts after November 18, 2009 must state whether the Provincial portion of HST applies to the sale and if so, whether the purchase price includes it
- If transaction is subject to Provincial HST and builder did not disclose it, purchase price in the contract is deemed to include it.
Information courtesy of:
Marc Gobeil
Manager, Mobile Mortgage Specialist
TD Canada Trust
Tel: 250-540-3100
Fax: 888-518-6540
Pager: 866-767-5446
marc.gobeil@td.com
www.tdcanadatrust.com/msf/marcgobeil
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