New Transitional Tax Rules Announced

Great news for everyone who was uncertain about the tax situation here in BC; last week the Ministry of Finance finally announced their new transitional tax rules for housing. As of April 1, 2013, British Columbia will be returning to the PST and, starting April 1, 2012, the new transitional rules will come into effect. According to Finance Minister Kevin Falcon, the "new housing transition measures [will] give certainty to an important economic sector and help to keep taxes equitable throughout the transition as the province returns to the PST."

These new rules are especially beneficial for those wanting to buy a brand new home here in BC, as some of the more stringent rules from the old system of HST will now be relaxed. Specifically:

• The new housing tax rebate threshold will be increased from $525,000 to $850,000, meaning more than 90 per cent of newly built homes (and all of the homes at Cadence) will now be eligible for a provincial HST rebate of up to $42,500 ($26,250 previously).





• Purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital regional districts priced up to $850,000 will now be eligible to claim a provincial grant, which is excellent news for anyone wanting to buy a home at Cadence as a vacation property or seasonal residence (Cadence is perfect for those wanting a lock-and-leave lifestlye) as they will now qualify for the rebate.

*info graphics courtesy of pstinbc.ca

For more information on the transitional rules, please visit:

• hstinbc.ca


• UDI.bc.ca


• fin.gc.ca
  

Limited Time Offer: Cadence Will Pay Your GST Until Dec 31st!

Why should you stop waiting and purchase now? As a special limited time offer, Cadence at The Lakes will pay the 5% GST charge on your behalf when you purchase your home prior to December 31, 2009. This offers a two-fold benefit: in addition to saving the 5% GST, purchasing now will ensure your home is built before the 12% HST is implemented. For example:

Purchase Prior to December 31, 2009:
Price: $411,900.00
GST: 0.00
TOTAL: $411,900.00

Purchase in 2010:
Price: $411,900.00
HST: 49,428.00
Rebate: (20,000.00)
TOTAL: $441,328.00

ACT NOW AND SAVE $29,428.00!
At Cadence at The Lakes, we have made purchasing your new single-family home simple. With a lock and leave lifestyle, resort inspired amenities, and a building process that can be completely customized to meet your personal needs, the choice to move has never been easier. Contact us at 1.877.766.9077 as soon as possible to learn more about these offers and how we can begin designing your residence in the tranquil Lakes Community.