What about GST, is it applicable?
Irina Bartnik- Notary Public • November 19, 2019
GST in a Real estate is tax that is applicable to the properties that produce income. It is responsibility of the Seller to collect and remit the GST. GST is often applicable on the residential properties that are owned by the companies, or to the properties that are used for short term vacation rentals. GST is almost always applicable on the sale of the empty lots.
Buyers are often surprised that they have to pay GST, as at the time of the offer this tax was not disclosed to them, or seller “did not know that it was applicable”. To make sure that you as a buyer do not get stuck with paying extra tax that you did not expect, insist in the clause in the contract : If GST is applicable it is included in the purchase price.
Call me if you have any more questions.
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Wrinkles on point, snoozin’ like a pro.😀 Support our very own LAPS 📣 "Don’t measure the value of a home by its price tag—measure it by the life you’ll build inside it." - Unknown
