Home builders in British Columbia have to comply with new disclosure requirements related to B.C.’s transition from the HST back to the GST and a new PST. The new disclosure requirements, which B.C. released on November 13, 2012, set out specific information that builders of newly constructed or substantially renovated housing must provide to purchasers of such housing on the taxes and rebates applicable to their purchase.
To learn more, read KPMG's TaxNewsFlash-Canada: TaxNewsFlash-Canada
Tax Information Notice: Enhanced New Housing Rebates and Transitional Rules for the Re-implementation of the British Columbia Provincial Sales Tax. This provides a broad overview of the transitional rules for new housing. For final, specific rules, see the New Housing Transition Tax and Rebate Act and the regulation to the act. In case of any discrepancy, the act and regulation supersede the notice.