(Source: City News)
“Make no mistake. This is a tax grab and people need wake up to that reality”
ONTARIO CANADA – The sales tax harmonization announced as part of the 2009 provincial budget will mean big increases in housing costs. But who will be hardest hit and by how much?
If you are buying a home that costs less than $400,000, you will pay the new tax but get a rebate. New homes that cost between $400,000 and $500,000 will get less money back. And those with a price tag of more than $500,000 will incur no refund at all.
Depending on where you’re buying, analysts say that will mean a jump of between $12,000 and $47,000. That’s on top of the thousands in land transfer taxes introduced last year.
“Make no mistake. This is a tax grab and people need wake up to that reality,” noted Van Palmer of the Toronto Real Estate Board.’
Read full article, “Combined Sales Tax Could Cost Homebuyers Thousands,” at City News March 26 2009.