The 2% BC Transition Tax on new homes is coming April 1, 2013

If you have clients who will be buying a new home in the next few months or over the next two years, then you need to know about the 2% BC Transition Tax.

It is a new tax that comes into effect on April 1, 2013. It will apply to the sale of new residential homes that are 10% or more complete as of April 1, 2013. The 2% BC Transition Tax will end on March 31, 2015.

The 2% BC Transition Tax applies to the full price of a new home, which is 10% of more complete, where ownership or possession is on or after April 1, 2013, but before April 1, 2015. The 5% GST also applies to the full price of a new home, where ownership or possession is on or after April 1, 2013.

Read more: 

http://members.rebgv.org/realtorlink/rebgv/publications/RLzine/RL_feb222013/files/2Percent.html

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