| Death and taxes are said to be the only two | | | | |
| sure things in life, and in Canada we are | | | | But don't forget! |
| very familiar with the latter of those two. | | | | |
| The social programs that many say define us | | | | If you are dancing in front of your computer |
| as a country call for some significant | | | | screen in joy because you realize you don't |
| charges on citizens in the form of taxes, one | | | | have to pay the GST on your home purchase, as |
| of which is the much maligned Goods and | | | | the condo is not considered new, do not think |
| Services Tax. | | | | that you are off totally free. The GST is |
| | | | also added to many of the services you will |
| The GST is not just hated because it is | | | | need in order to take possession, including |
| another tax, but because of the ambiguity | | | | lawyer's fees, processing fees, and as part |
| with which it is charged. Not many people are | | | | of your house insurance. That means that |
| really sure when they will need to pay the | | | | everyone will have to pay, and new condo |
| GST on a purchase, although for the most part | | | | owners in particular will pay a lot of GST |
| we take it for granted that we will have to | | | | when it is all added up. |
| pay it. | | | | |
| | | | Some good news |
| For new homeowners, the subject of the GST is | | | | |
| particularly touchy. No matter what | | | | There is some good news for new homeowners |
| percentage of a tax is applied to a new home, | | | | and for everyone in Canada on the GST front. |
| it can add up to a substantial amount of | | | | The federal government recently announced |
| additional money. Let's take a look at where | | | | that it would be cutting the GST by one |
| you need to factor in GST when you buy a new | | | | percent, down now to 5% of the total purchase |
| condo. | | | | cost, effective January 1 2008. While the |
| | | | average person might gripe that a one percent |
| You will pay GST when... | | | | slash is not much, it certainly can add up |
| | | | when a major purchase such as a new home is |
| The rules about GST in application to the | | | | considered; that can mean a savings of $3000 |
| purchase of condominiums are fairly specific. | | | | for the average Canadian home! |
| Those who purchase new homes or homes that | | | | |
| have seen extensive renovations can expect to | | | | Taxes are inevitable, and if you are buying a |
| pay this tax. Please note that new homes is | | | | new condo you need to be aware of the |
| not a term relative to the buyer; it | | | | additional costs added due to the GST both on |
| specifically deals with condos that have been | | | | the purchase and transactions for the |
| newly constructed. | | | | purchase of your home. |