HST on new homes may be a good sign for existing owners of expensive homes…
If you’re an Ontarian then you likely already heard about the plans to harmonize the Provincial Sales Tax with GST (resulting in another acronym: HST). This means new homes costing more than $400,000 will be subjected to at least some sales tax (those costing > $500K will be subjected to full 13% tax, instead of 5% like today). On top of that the government still plans to charge these poor souls Ontario Land Transfer Tax. At least they could’ve gotten rid of this, but they decided not to. I think it means builders will keep the house costs below $400K by building smaller,...
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