What’s the deal with the HST anyway? Good question and one that I am getting asked all the time in my new home open houses. Will the HST be repealed? If so, and I pay HST, will I get it back? (not likely).
I don’t think that can be answered here (or by anybody). There’s an upcoming referendum and I’ve recently become aware of a concerted and planned campaign to educate and pitch the merits of retaining the HST. I even understand the BC government is recruiting accountants (even from here in Duncan) to help pitch their position. Could-a, would-a, should-a, apparently not this time.
Without question HST has added an additional cost to purchasing a new home. I believe the intent was that in streamlining PST through the HST in the construction of a home some savings and related rebates would be passed along to the consumer so that a new home would not cost too much more post-HST. I know developers, builders, tradesmen and business operators like the improved efficiency of the HST. I still think consumers are being taxed in some areas where they hadn’t been previously in comparison to our pre-HST world.
I know that HST was rammed down our throats and was so unpopular that it is forcing a referendum and cost our last premier his job. I also know that the topic as is relates to new home sales can be fairly confusing with an interwoven formula that had led us to post an Excel based computation into our web site which you can find under HST Calculator. It’s a great tool but who knows, it might be obsolete after the referendum (not likely).