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Article #229: I Just Bought a New Condo - Do I Have to Pay Gst?

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






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