Did You Know? BC has a Program for HST New Home Rebates!!!

Enhanced BC HST New Housing Rebate

Last update: September 17, 2012

On February 17, 2012, BC Minister of Finance Kevin Falcon announced the provincial government’s intention to enhance the existing BC Harmonized Sales Tax (HST) New Housing Rebate by increasing the threshold to $850,000 from $525,000. The higher threshold means a higher maximum rebate of $42,500, up from $26,250.

These changes are effective from April 1, 2012 to March 31, 2013.

The province is expected to return to a Provincial Sales Tax/Goods and Services Tax system on April 1, 2013. The BC HST new housing rebate program will end on April 1, 2013, as the HST will no longer be in effect on and after that date.

The following questions and answers are intended to provide clarity at a high level. For advice about specific transactions and situations, BCREA suggests individuals seek legal and/or accounting advice, as appropriate.

For more information, see:

• Ministry of Finance HST Notice #12, www.hstinbc.ca/media/2012_housing_rules_.pdf
• Canada Revenue Agency GST/HST Info Sheet GI-128, Harmonized Sales Tax: Proposed Enhancements to the British Columbia New Housing Rebates, www.cra-arc.gc.ca/E/pub/gi/gi-128/gi-128-e.html