Tax Alerts
The Province is committing to bold, responsive, and balanced changes to the Harmonized Sales Tax to make British Columbia families better off while ensuring government can meet its commitment to balanced budgets, Finance Minister Kevin Falcon announced today.
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The 12 per cent HST in BC—combining a 5 per cent federal component and a 7 per cent provincial component—will be replaced, effective April 1, 2013, by the Goods and Services Tax (GST) and BC’s PST.
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It appears that for the transition back to PST the approach is going to be much simpler. Here are the transition rules regarding the taxation on real property.
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In August of 2011, the Governments of British Columbia held a referendum where the HST was overturned. On February 17, 2012, the Provincial and Federal Governments released transitional rules to guide businesses and consumers through the changeover to the Goods and Services Tax (GST ) and the BC Provincial Sales Tax (BC PST). The purpose of the transitional rules is to provide businesses and consumers with the technical guidelines to ensure the smoothest possible transition back to these two taxes.
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% Yes: 54.73%
% No: 45.27%
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The GST and PST transitional rules apply to transactions that straddle the implementation date of April 1, 2013.
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