Toronto Downtown Condos
Currently the PST and GST tax on a typical single family detached home in Toronto is between 5.3 per cent and 6.9 per cent of the median price. A combined tax of $50,000.
Now with the new harmonized sales tax (HST) the total tax will soar to over $96,000, an increase of $46,000 to purchase Real Estate in Toronto.
The fact that some items like services that were exempt from the 8 per cent PST will now be included under the new umbrella tax.
Toronto Real Estate buyers of Condos, homes, commercial, investment properties, new or resale will all pay 13 per cent on legal fees, surveyor fees, appraisal and home inspection fees, title insurance premiums and Real Estate commissions , all that were exempt from PST.
There is a good article from Jeffery W. Lem at lawtimenews.com regarding the new HST that comes into effect July 2010.
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