2% transition tax on new homes starting April 1, 2013
This is a new tax that will come into effect this April 1, 2013 which will apply to the sale of new homes that are 10% or more complete as of April 1, 2013. This 2% BC transition tax will end on March 31, 2015. The 5% GST also will apply to the full price of a new home where possession is on or after April 1, 2013. The end of HST and return to PST/GST system, the BC government introduced the 2% BC transition tax as a way to ensure the equitable application of tax for purchasers of new homes currently under the HST system and after April 1, 2013 when the province returns to GST on new homes.
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