As we all know, the provincial government has now passed legislation to combine the 8% Provincial Sales Tax (PST) with the 5% Federal Goods and Services Tax (GST), creating a 13% Harmonized Sales Tax (HST) that will apply to all goods and services in Ontario.
If nothing else, the news is sobering. And amidst all of the grunting and groaning, outrage and sheer panic, many of us are asking, “how will this affect me?”
While all services provided in Ontario will be universally affected by the new single sales tax, we'll focus on how the HST will affect typical real estate transactions and services for buyers, sellers, condo owners and renters. We'll also take a look at some important transitional rules to be aware of leading up to its implementation.
For information, please follow the jump.