When is GST applicable to my purchase?

Whether or not you will need to pay GST on your purchase will depend on a number of things. Is the property new or used? Are you purchasing the property as an individual or in the name of your company? How did the seller use the property? The general rule is that GST is not payable on the purchase of used residential property, other than substantially renovated property. That being said, the questions listed above, among others, need to be addressed in order to determine which rule applies in your particular circumstances. We highly recommend that you speak with your accountant before removing conditions from your purchase agreement to help you determine whether GST is payable. If you don’t have one give us a call and we’d be happy to refer you to one of the many great accountants in the Okanagan.

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