The harmonized sales tax will combine the eight percent provincial sales tax with the five percent federal goods and services tax(GST) to create a single 13 percent harmonized sales tax (HST). The Ontario HST is scheduled to take effect July 1, 2010. The following items in real estate will be subject to HST: Commissions, legal fees, inspections of homes, chattels, high ratio appraisal fees, surveys, title insurance. This is just a brief list. There is always bad news and good news. The bad news is that what was once not subect to retail sales tax will now be. The good news is that because it is configured like the GST, most of us will be entitled to some relief that we did not have before. We all knew it was coming and it is here, and like everything else, though we complained about the new tax it still went through and we will get used to it and move on.
Adele Paletta is Real Estate Agent servicing buyers and sellers in Ontario, Canada. Adele’s real estate expertise lies in the Greater Western Toronto area including: Mississauga, Oakville and Burlington. She can be reached at 905-828-6550 firstname.lastname@example.org. View her Divorce Magazine Profile and website.