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ARTICLE · 02 MARCH 2012

HST Transitional Rules Released For Residential Properties

DLA Piper
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April 1, 2013 is the start date for the reinstatement of GST+PST in B.C. The federal and provincial governments have announced that they will provide specific transitional rules.

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Dennis Yee
Dennis Yee
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April 1, 2013 is the start date for the reinstatement of GST+PST in B.C. The federal and provincial governments have announced that they will provide specific transitional rules. On Friday February 17, 2012, some transition rules were released, including rules dealing with residential real property. These will be of particular interest to builders and potential or actual buyers of new residential properties.

The key rules relating to new or substantially renovated residential property are as follows:

HST & Increased BC New Housing Rebate

  • New homes where construction is substantially complete before April 1, 2013 will continue to be subject to 12% HST, even if closing occurs after March 31, 2013.

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