There are many factors for homebuyers to consider when purchasing a house these days-particularly in the province of Ontario, where the HST has become a factor over the last several months.
The Ontario Real Estate Association, in partnership with Ontario Revenue Minister Sophia Aggelonitis, have released a video to clarify the rules for those looking to purchase a home and to eliminate confusion around HST as it applies to resale and new home purchases.
The video aims to educate Ontarians that there is no HST on resale homes, maintaining similar taxation rules to those under the old provincial tax. In addition, HST is only applied to the portion of new home purchases above $400,000. For first time homebuyers, a refund of Land Transfer Tax of up to $2,000 is available on resale homes.
Watch the video www.youtube.com/oreagr
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