GST is a complex tax as it applies to real estate, but there are some basic rules. Newly created lots, new homes and substantially renovated homes usually attract the GST. Also, if the property is owned by a corporation, GST may be payable. But sometimes it’s less obvious. The seller can cause GST to apply just by how they’ve used the property. For instance, even if the property is registered in the seller’s personal name, if they have used it for business purposes the GST may apply upon resale. Or if they are GST registrants and have claimed any GST expenses (Input Tax Credits) for that property on their GST return, the GST may apply upon resale. That’s why we ask the sellers – not the buyers – to investigate and declare the GST status of their property. Because only the sellers know the details which may cause GST to apply. Do you have any real estate questions? Our agents have answers. Call Us FIRST!
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