Ontario has set a threshold of $400,000 in the purchase of a new Toronto Condo or home effective July 1st, 2010 with respect to the new HST tax.Now British Columbia is proposing to increase that same threshold to $525,000 so that purchasers would pay no more new tax due to harmonization.
This increase will give BC new home buyers the highest provincial rebate in Canada.
The HST is supposed to be harmonized to be cost effective and save money in its collection however we now have three different thresh holds and two different approaches in how the HST is calculated.
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