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Kelowna Verve Condominums - Verve Kelowna - 250.317.0000.
Kelowna Condo Sales is your one stop resource for buying.
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| ENHANCED NEW HOUSING REBATES |
01-26-10 |
| B.C. is proposing to provide an enhancement to the new housing rebate that was announced on July 23, 2009. |
The new housing rebate would be enhanced so that new homes purchased as a primary residence would receive a rebate of 71.43 per cent of the provincial component of the HST paid, up to a maximum of $26,250. This enhanced rebate represents a 30 per cent increase in the maximum rebate available.
While sales of new homes in B.C. are not directly subject to the PST, building materials used in the construction of homes are subject to the seven per cent PST. The amount of PST, on average, embedded in the selling price of a new home is estimated to be equal to two per cent. As a result of the decision to enhance this proposed rebate, purchasers of homes priced up to $525,000 would pay no more tax, on average, than under the current PST.
New housing rebates would be available for the provincial component of the HST paid for all types of housing eligible for GST new housing rebates. Qualifying housing would generally include the following types of newly constructed and substantially renovated homes used as a primary place of residence by an individual or qualifying relation of the individual:
• purchase of new houses together with land;
• purchase of new houses together with leased land;
• purchase of new mobile homes and floating homes;
• houses acquired through the purchase of qualifying shares in a housing co-op;
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houses constructed or substantially renovated by the owner who is an individual (i.e., owner-built homes).
The new housing rebates would be subject to the same eligibility conditions as new housing rebates under the GST. However, as previously announced, the rebate rates (or factors) and maximum rebate amounts for the B.C. new housing rebates would be different to address the particular circumstances of the housing industry in B.C.
The new housing rebates would be federally administered in a manner similar to the GST rebates for new housing. Individuals would be able to file an application for the rebate directly with the Canada Revenue Agency (CRA). However, in the case of homes sold by the builder, similar to the GST new housing rebates, the builder would have the option of paying or crediting the new housing rebate to the purchaser at the time of purchase.
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