HST – Calculators, New Construction, Substantial Renovations & Rebates


This calculator is for new construction only. The New Home Tax Calculator Applies at the current HST rate of 12 per cent.

HST is only payable on new or substantially renovated homes* in British Columbia.

 

 

 

 



BC Real Estate
NEW HOME HST Calculators

Homeowner Completion Date April 1, 2012 to March 31 2013 Completion Date on/after April 1, 2013 (construction started before April 1, 2013) Completion Date on/after April 1, 2013(construction started after April 1, 2013)*
 Buyer is eligible for HST/GST Rebate, for example the home is their principal residence
 Purchase Price Before HST/GST
HST/GST amount to be paid at time of purchase (Net HST/GST) $0.00 $0.00 $0.00
HST/GST Rebate claimed at time of purchase $0.00 $0.00 $0.00
Final purchase price including Net HST/GST $0.00 $0.00 $0.00
Investor
 Buyer is eligible for the HST/GST Rebate because they are renting the home
 Purchase Price Before HST/GST
HST/GST amount to be paid at time of purchase (Full HST/GST) $0.00 $0.00 $0.00
Purchase Price including full HST/GST paid by the investor at time of purchase $0.00 $0.00 $0.00
HST/GST Rebate claimed after the investors can prove they have a tenant** $0.00 $0.00 $0.00
Final Purchase Price including Net HST/GST after investors receives Rebate $0.00 $0.00 $0.00
**tenant must be using the property as their principal residence
Vacation Home
 Buyer may be eligible for the HST Grant, for example a 2nd Home
 Purchase Price Before HST/GST
HST/GST amount to be paid at time of purchase $0.00 $0.00 $0.00
HST Grant available*** $0.00 $0.00 $0.00
Final Purchase Price including HST/GST
(after Grant, if applicable)
$0.00 $0.00 $0.00
***only available on properties located outside of Great Vancouver and the Capital Regional Districts

HST rebate on New Construction Properties

The rebate is 71.43 per cent of the provincial portion of the HST, up to a maximum rebate of $26,250. Purchasers of eligible new homes above $525,000 are eligible for a rebate of $26,250 (i.e. a rebate on the first $525,000 of value). As the HST rate drops in 2012 and again in 2014 the rebate will be lowered to reflect the drop to a 5 per cent provincial portion of the HST.**

HST rebate on Revenue Properties:

To support affordable rental housing in the province, B.C. also provides a new rental housing rebate of 71.43 per cent of the provincial portion of the HST, up to a maximum rebate of $26,250 per unit.

The new rental housing rebate is provided to landlords who construct or substantially renovate their own rental housing and, as a result, are required to self–assess and pay HST under the self–supply rules.

The rebate is also provided to landlords who purchase newly constructed or substantially renovated rental housing in B.C. and pay HST on the purchase.**

The new housing rebates are administered by the Canada Revenue Agency.

Additional information on the New Housing Rebate can be found on the Canada Revenue Agency’s Website
click here

*HST is applicable on “Substantially Renovated Properties”

Housing that has been substantially renovated is generally given the same treatment under the HST as newly constructed housing. Extensive modifications must be made to the housing in order to meet the definition of a “substantial renovation” for HST purposes.

For more information on Harmonized Sales Tax: British Columbia New Housing Rebate

How to Apply for a New Housing Rebate

All forms necessary to claim a HST new housing rebate are available on the CRA Web site. Click here

THESE CALCULATORS ARE NOT TO BE RELIED UPON FOR MAKING ACTUAL HST, PTT & MORTGAGE CALCULATIONS OR DETERMINATIONS.
Please consult an accountant with any and all HST rebate, PTT, or HST Calculations.