GST and the Real Estate Transaction

Excellent, I am ready to begin my home search

Market Watch Newsletter	Your e-mail: Privacy-Policy
Why Subscribe? You will receive valuable Real Estate information on a monthly basis - such as: where to find the 'best' mortgage interest rates and graphs of current house price trends. Plus, you will pick up ideas, suggestions and excellent real estate advice when you sell or buy your next home. Read Past Newsletters before you decide

Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale All Pages including SiteMap, Add URL , Mississauga Real Estate Blog and Guestbook maintained by A. Mark Argentino, mark@mississauga4sale.com Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434 First created - Tuesday, July 16th, 1996 at 3:48:41 PM -
Last Update of this website: Tuesday, August 19, 2008 4:36 PM
At this Mississauga, (Erin Mills, Meadowvale, Streetsville, Sawmill Valley, Credit Mills and/or Churchill Meadows) Ontario, Canada Real Estate Property web site you will find relevant information to help you and your family.

| Complimentary & Quick Over The Net Home Evaluation |

Real Estate Back

What is my Home's Value?

Buying a Home?

Search MLS

Contact

Help

Mississauga Home


GST and the Real Estate Transaction


GST applies to most of the services provided in completing the real estate transaction. For example, 7% GST is applied to the commission a REALTOR charges for facilitating a sale. The tax is paid by the person responsible for paying the commission - usually the seller.

REALTOR commissions are taxable even if the total GST owed is reduced by a rebate, or the sale of the property is exempt form GST. For example, if you sell a used home, the sale price is exempt from GST but the REALTOR's commission is still taxable. GST applies to many other services involved in the real estate transaction. These include fees for appraisals, referrals, surveys and legal assistance. Again, GST is charged on these fees regardless of whether the house you purchase is exempt from the tax. One exception is that mortgage broker fees are exempt from GST if the fees are charged separately from any taxable real estate commissions. Additionally, mortgages and interest on mortgages are GST exempt.
This series of articles is brought to you by A. Mark Argentino and other real estate related resources, including Canadian Real Estate Association CREA and the Ontario Real Estate Association OREA. Back to list of Real Estate Helpful Articles

Whether you are interested in a Power of Sale Property, a Foreclosure Sale or a regular property purchase, I can assist you with all of the complexities when you purchase or sell your next property. Please don't hesitate to email me If you have any questions or require further information, please send me an email. Thank you, Mark Argentino Read about Power of Sale, Bank Sales and Foreclosure Properties FAQ's Read a very detailed section about *Power of Sale and Foreclosure* or go back to list of Real Estate Helpful Articles

GST and the Real Estate Transaction

Market Watch Newsletter