Buying a new home in BC? Don’t forget about the 5% Goods and Services Tax (GST)! Here’s a quick guide to help you navigate this important cost:

📌 What is GST?
The GST is a 5% tax on goods and services for personal use, including new homes.

📌 Who Pays GST?
Buyers of new homes (like presale condos or owner-built houses) in BC are responsible for paying the GST at the time of completion. The seller (or developer) does not pay this tax.

📌 How Much is GST?
The GST is 5% of the purchase price of the new home, subject to any applicable rebates. Always check if your contract price includes GST to avoid double payments.

📌 When is GST Due?
GST is due at the time of completion. Your notary or lawyer will handle this during the statement of adjustments.

📌 What Qualifies as a New Home?

Newly constructed properties sold by the developer
Owner-built homes
Substantially renovated homes (typically 90% renovated)
📌 GST on Assignments
For assignment of contracts, the new buyer (assignee) is responsible for GST. The original buyer (assignor) only pays capital gains on the profit.

🛠️ Pro Tip: Always clarify if GST is included in your purchase price and consult your lawyer to ensure you’re not charged twice!

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