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GST Payable On A Real Estate Transaction
In British Columbia, GST is applicable to many services involved in a real estate transaction, including real estate sale commission, appraisal, home inspection, lawyer fees, etc.
The exception and exemption for GST payment are on resale homes, home mortgages, home loan and interest payments and mortgage broker fees. Although the Goods and Services Tax (GST) is collected at a rate of 5% on the sale price of goods and services, it doesn't apply to every type of home sale or every form of real estate service.
The payment of GST on new homes is subject to GST credits up to $450,000.
Click here for more information on the various real estate transactions and the GST payable.
