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GST and the Real Estate Transaction |
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GST applies to most of the services provided in completing the real estate transaction. For example, 5% 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. You must be sure that the HST does not apply, please read about New rules with the HST, please check the Ontario government HST websites |
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REALTOR commissions are taxable even if the total HST (GST+PST) owed is reduced by a rebate, or the sale of the property is exempt form HST (GST+PST). For example, if you sell a used home, the sale price is exempt from HST (GST+PST) but the REALTOR's commission is still taxable. You must be sure that the HST does not apply, please read about New rules with the HST, please check the Ontario government HST websites GST applies to many other services involved in the real estate transaction. These include fees for appraisals, referrals, surveys and legal assistance. Again, HST (GST+PST) 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 HST (GST+PST) if the fees are charged separately from any taxable real estate commissions. Additionally, mortgages and interest on mortgages are HST (GST+PST) exempt. |
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If you have any questions or require further information, please send me an email. Thank you, 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 |
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Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale | Privacy-Policy | Guarantees | All Pages including SiteMap, Mississauga Real Estate Blog all 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: Sunday, May 6, 2012 12:29 PM
At this Mississauga, (Erin Mills, Churchill Meadows, Sawmill Valley, Meadowvale, Meadowvale and - or Credit Mills) Ontario, Canada Real Estate Property Internet web site you will find relevant information to help you and your family.
