April 2, 2013
Selling a home just got more affordable in BC. Prior to the HST, there was a 5% tax on the fee realtors charged to sell a home. No PST applied. However, when the 2 taxes were harmonized, PST was added and the tax on real estate fees suddenly jumped to 12%. Obviously, anytime a tax more than doubles it's harmful. On April 1 the GST replaced the HST and the tax on real estate fees dropped back to 5% for all home sales that close on or after April 1. We welcome this saving.
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