On April 1, 2013 the Harmonized Sales Tax (HST) will cease to exist and the Provincial Sales Tax (PST) will be re-implemented in BC. As of April 1, 2013 the 12% HST will no longer be charged on real estate commissions. Instead, only the 5% GST will apply.

 

We will provide more information @ www.weSellvancouver.ca in the next few weeks. Please also keep the change in mind when reviewing any articles or booklets on this website.

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The Government of BC has published information about transitioning from the Harmonized Sales Tax back to the Provincial Sales Tax and Goods and Services Tax at this link: HERE. The New Housing Transition Tax and Rebate Act covering the temporary housing transition tax and the temporary housing transition rebate came into effect on December 1, 2012.

 

Due to the complexity of the transition provisions and the potentially significant implications for sellers and buyers, clients are advised to seek appropriate and timely tax advice if there is any doubt as to whether these provisions may apply.

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The Province has announced that it will reinstate the combined 12 per cent PST and GST tax system, a process it expects to take a minimum of 18 months. The Ministry of Finance has established an action plan to guide the transition to the PST. This includes:
 
  • a process to develop HST transition rules; and
  • a process to develop legislation and regulations to re-implement the PST.
 
The anticipated target date for the switchover is March 31, 2013. "During the transition period, the provincial portion of the HST will remain in place at seven per cent," explains Finance Minister Kevin Falcon. "The PST will be reinstated at seven per cent with all permanent PST exemptions and will not be applied to items such as restaurant meals, haircuts, bikes and gym memberships – just as it was before the HST was introduced in BC," says Minister Falcon.
 

Businesses collecting the PST will need to change their electronic and manual systems and processes to assess, collect, report and remit the PST and other related taxes to the provincial government.

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