Real Estate features • 13 February 2023

GST/HST on Assignment Sale 2023

by Barbara Scarlett

FortErie, Ontario, Canada, Living In Fort Erie, Fort Erie Real Estate, Fort Erie Housing Market, Moving To Fort Erie, Fort Erie Community, Life In Fort Erie, St. catherines, Stevensville, port colborne, realtor, broker, barbara scarlett, real estate, real estate property

The Canadian Government is cracking down on speculation that contributes to higher home prices by applying the Goods and Services Tax/Harmonized Sales Tax (GST/HST) to all assignment sales of newly constructed or substantially renovated residential housing, effective May 7, 2022. Assignment sales are when a house is resold before it is even constructed or lived in.

If you’re considering buying or selling a newly constructed or substantially renovated home, it’s important to understand the implications of the GST/HST and how it will affect your transaction. If you have questions about assigning your purchase, please reach out to me directly today.

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