HST and new home purchase dilema
Not sure which is the right forum to post this question so I'm posting it both in the personal finance forum as well as the Home and Garden Forum.
With this new harmonized sales tax (HST) coming into effect july 1, 2010 on all new home purchases over $400,000, I'm in a bit of a dilema. I went to a builder last weekend and wanted to purchase a new home that would cost just over $500,000. The builder said the closing would be in June 2010, but there is always the possibility there could be a delay that could push the closing past July 1, 2010. When I asked about the HST, he said that he doesn't "think" it would effect people who purchase a home prior to July 1, 2010 but advised he can't be sure.
I asked if they could put an ammendment to the plan which would state that the builder will pay the PST if the closing takes place after July 1, 2010. He said that they won't do that, but kept assuring me that it won't effect me as I am buying before that date.
We really love the house but feel uncomfortable with this situation. Has anyone else come across this before? Any idea if Dalton is gonna penalise people who signed the deal prior to his crazy tax.
With this new harmonized sales tax (HST) coming into effect july 1, 2010 on all new home purchases over $400,000, I'm in a bit of a dilema. I went to a builder last weekend and wanted to purchase a new home that would cost just over $500,000. The builder said the closing would be in June 2010, but there is always the possibility there could be a delay that could push the closing past July 1, 2010. When I asked about the HST, he said that he doesn't "think" it would effect people who purchase a home prior to July 1, 2010 but advised he can't be sure.
I asked if they could put an ammendment to the plan which would state that the builder will pay the PST if the closing takes place after July 1, 2010. He said that they won't do that, but kept assuring me that it won't effect me as I am buying before that date.
We really love the house but feel uncomfortable with this situation. Has anyone else come across this before? Any idea if Dalton is gonna penalise people who signed the deal prior to his crazy tax.