Real Estate Investment Canada

How does the new Harmonized Sales Tax (HST) affect pre-sale homes in BC, Canada?

I recently bought a pre-sale condo in BC that is not going to be built till 2012, after which the HST will be implemented in BC, Canada. I have already paid my deposit for the home, but I won't have to pay the full amount till 2012, when the condo is built. Does that mean I am have to pay the extra 7% in tax since I will be paying for the condo in its entirety after HST has been implemented on July 1st, 2010? Any insights will be appreciated! Thanks!

Public Comments

1. Yes, you will pay the tax which is payable when the transaction closes, in 2012.