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HST on New Property

Impact of HST on New Property (Primary Residence)

Sale price before taxes	GST	Price before July 2010	GST Rebate	Net to Buyer before July 1 2010 (primary residence)	HST	Price after June 2010	HST Rebate (including provincial rebate)	Net to Buyer July 1st 2010 and after (primary residence)	Net Impact to the buyer July 1st 2010 and after
250,000	2,500	262,500	4,500	258,000	30,000	280,000	17,000	263,000	(5,000)
300,000	15,000	315,000	5,400	309,600	36,000	336,000	20,400	315,600	(6,000)
350,000	17,500	367,500	6,300	361,200	42,000	392,000	23,800	368,200	(7,000)
400,000	20,000	420,000	3,150	416,850	48,000	448,000	23,150	424,850	(8,000)
450,000	22,500	472,500	-	472,500	54,000	504,000	22,500	481,500	(9,000)
500,000	25,000	525,000	-	525,000	60,000	560,000	25,000	535,000	(10,000)
525,000	26,250	551,250	-	551,250	63,000	588,000	26,250	561,750	(10,500)
550,000	27,500	577,500	-	577,500	66,000	616,000	26,250	589,750	(12,250)
600,000	30,000	630,000	-	630,000	72,000	672,000	26,250	645,750	(15,750)
700,000	35,000	735,000	-	735,000	84,000	784,000	26,250	757,750	(22,750)
800,000	40,000	840,000	-	840,000	96,000	896,000	26,250	869,750	(29,750)
900,000	45,000	945,000	-	945,000	108,000	1,008,000	26,250	981,750	(36,750)
1,000,000	50,000	1,050,000	-	1,050,000	120,000	1,120,000	26,250	1,093,750	(43,750)

Sale price before taxes	250,000
GST	2,500
Price before July 2010	262,500
GST Rebate	4,500
Net to Buyer before July 1 2010 (primary residence)	258,000
HST	30,000
Price after June 2010	280,000
HST Rebate (including provincial rebate)	17,000
Net to Buyer July 1st 2010 and after (primary residence)	263,000
Net Impact to the buyer July 1st 2010 and after	(5,000)
Sale price before taxes	300,000
GST	15,000
Price before July 2010	315,000
GST Rebate	5,400
Net to Buyer before July 1 2010 (primary residence)	309,600
HST	36,000
Price after June 2010	336,000
HST Rebate (including provincial rebate)	20,400
Net to Buyer July 1st 2010 and after (primary residence)	315,600
Net Impact to the buyer July 1st 2010 and after	(6,000)
Sale price before taxes	350,000
GST	17,500
Price before July 2010	367,500
GST Rebate	6,300
Net to Buyer before July 1 2010 (primary residence)	361,200
HST	42,000
Price after June 2010	392,000
HST Rebate (including provincial rebate)	23,800
Net to Buyer July 1st 2010 and after (primary residence)	368,200
Net Impact to the buyer July 1st 2010 and after	(7,000)
Sale price before taxes	400,000
GST	20,000
Price before July 2010	420,000
GST Rebate	3,150
Net to Buyer before July 1 2010 (primary residence)	416,850
HST	48,000
Price after June 2010	448,000
HST Rebate (including provincial rebate)	23,150
Net to Buyer July 1st 2010 and after (primary residence)	424,850
Net Impact to the buyer July 1st 2010 and after	(8,000)
Sale price before taxes	450,000
GST	22,500
Price before July 2010	472,500
GST Rebate	-
Net to Buyer before July 1 2010 (primary residence)	472,500
HST	54,000
Price after June 2010	504,000
HST Rebate (including provincial rebate)	22,500
Net to Buyer July 1st 2010 and after (primary residence)	481,500
Net Impact to the buyer July 1st 2010 and after	(9,000)
Sale price before taxes	500,000
GST	25,000
Price before July 2010	525,000
GST Rebate	-
Net to Buyer before July 1 2010 (primary residence)	525,000
HST	60,000
Price after June 2010	560,000
HST Rebate (including provincial rebate)	25,000
Net to Buyer July 1st 2010 and after (primary residence)	535,000
Net Impact to the buyer July 1st 2010 and after	(10,000)
Sale price before taxes	525,000
GST	26,250
Price before July 2010	551,250
GST Rebate	-
Net to Buyer before July 1 2010 (primary residence)	551,250
HST	63,000
Price after June 2010	588,000
HST Rebate (including provincial rebate)	26,250
Net to Buyer July 1st 2010 and after (primary residence)	561,750
Net Impact to the buyer July 1st 2010 and after	(10,500)
Sale price before taxes	550,000
GST	27,500
Price before July 2010	577,500
GST Rebate	-
Net to Buyer before July 1 2010 (primary residence)	577,500
HST	66,000
Price after June 2010	616,000
HST Rebate (including provincial rebate)	26,250
Net to Buyer July 1st 2010 and after (primary residence)	589,750
Net Impact to the buyer July 1st 2010 and after	(12,250)
Sale price before taxes	600,000
GST	30,000
Price before July 2010	630,000
GST Rebate	-
Net to Buyer before July 1 2010 (primary residence)	630,000
HST	72,000
Price after June 2010	672,000
HST Rebate (including provincial rebate)	26,250
Net to Buyer July 1st 2010 and after (primary residence)	645,750
Net Impact to the buyer July 1st 2010 and after	(15,750)
Sale price before taxes	700,000
GST	35,000
Price before July 2010	735,000
GST Rebate	-
Net to Buyer before July 1 2010 (primary residence)	735,000
HST	84,000
Price after June 2010	784,000
HST Rebate (including provincial rebate)	26,250
Net to Buyer July 1st 2010 and after (primary residence)	757,750
Net Impact to the buyer July 1st 2010 and after	(22,750)
Sale price before taxes	800,000
GST	40,000
Price before July 2010	840,000
GST Rebate	-
Net to Buyer before July 1 2010 (primary residence)	840,000
HST	96,000
Price after June 2010	896,000
HST Rebate (including provincial rebate)	26,250
Net to Buyer July 1st 2010 and after (primary residence)	869,750
Net Impact to the buyer July 1st 2010 and after	(29,750)
Sale price before taxes	900,000
GST	45,000
Price before July 2010	945,000
GST Rebate	-
Net to Buyer before July 1 2010 (primary residence)	945,000
HST	108,000
Price after June 2010	1,008,000
HST Rebate (including provincial rebate)	26,250
Net to Buyer July 1st 2010 and after (primary residence)	981,750
Net Impact to the buyer July 1st 2010 and after	(36,750)
Sale price before taxes	1,000,000
GST	50,000
Price before July 2010	1,050,000
GST Rebate	-
Net to Buyer before July 1 2010 (primary residence)	1,050,000
HST	120,000
Price after June 2010	1,120,000
HST Rebate (including provincial rebate)	26,250
Net to Buyer July 1st 2010 and after (primary residence)	1,093,750
Net Impact to the buyer July 1st 2010 and after	(43,750)

Tarunjeet Bhatia, CPA, CGA, FCA(India), B.Com (Hons.), DFM, has more than 24 years of versatile experience in accounting, finance and taxation out of which 15 years is in public practice in Canada and abroad. After designating as CA from the Institute of Chartered... Explore more

HST on New Property

Impact of HST on New Property (Primary Residence)

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