Archive for March, 2009

Possible changes – GST / PST Harmonization

Friday, March 20th, 2009

With regard to the harmonization of the federal Goods and Services Tax with the Provincial Sales Tax, recent public comments made by government officials have suggested that the government is considering this action. Combing these taxes into a single Harmonized Sales Tax (HST) could have implications for home buyers, including:
• adding significant tax to services such as moving costs, legal fees, home inspection fees, mortgage insurance premiums, title insurance, and REALTOR® commissions; and,
• adding significant tax to the purchase price of newly constructed homes.

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Mandatory Energy Audits

Friday, March 20th, 2009

The provincial government has introduced the Green Energy Act, which, if passed, would require home owners to provide information regarding the home’s energy efficiency prior to the sale or lease of the property. Energy efficiency information about the property would have to be determined and provided by standardized methods established by the provincial government. The Province has not yet provided information on these details. This legislation has not yet been passed and is not in effect.