Threshold being raised to $850,000 effective April 1, 2012
Government announces the transition rules for the HST early
BURNABY, BC (February 17, 2012) – The Honourable Kevin Falcon, Minister of Finance held a press conference today in Victoria to announce transition rules for the harmonized sales tax and the affect it will have on the home building industry. Effective April 1, 2012 the threshold for new housing rebates will be increased from $525,000 to $850,000, including secondary homes.
“We are elated the Provincial Ministry of Finance and the Federal Finance Department asked for our input and that our provincial government listened to the lobbying efforts of CHBA BC,” said CEO, M.J. Whitemarsh. “We had the confidence the Government would take our concerns to heart and implement the best solution for our industry, the news today was worth the wait and is even better than we could have anticipated.”
Since the referendum results to rescind the tax, the Canadian Home Builders’ Association of BC (CHBA BC) has worked diligently providing information from members to the government requesting the implementation of the transition rules be done as simply and quickly as possible to prevent any further stalling of the residential housing industry.
“The out-of-box forward thinking from the Government has created a stable situation for all CHBA BC members who build secondary homes,” Whitemarsh said. “Houses purchased as of April 1st will ultimately be receiving a $42,500 discount, now that the threshold has been raised.”
Releasing the transition rules on housing early was a wise and bold move on government’s part, one that is mutually beneficial. CHBA BC lobbied for a tax rebate to be created for consumers on new home purchases and renovations, so the industry could move forward and gain momentum once again.
“Raising the threshold is a brilliant decision that is fair and equitable, a huge benefit to all consumers that will spur the market,” said Doug Wittal, President of CHBA BC. “Including the second home market outside the GVRD and CRD will create a huge boom, creating jobs and pushing the industry forward in very innovative ways.”
The 2012 budget will be announced Tuesday, February 21, 2012.
September 6th, 2012
“BUILDIN AFTER HOURS” NETWORKING EVENT
Hosted by Sticks and Stones Interior Design
Time: 5pm to 7pm
Place: Suite 50 – 1615 Dickson Avenue, Kelowna
Cost: $10.00 for members…..$15.00 for non-members
(cash only…receipts available at the door)
Join us at Sticks and Stones Design Group with …Tree Brewing and Summerhill Winery. Great way to meet and network with the building industry.
(No registration required, purchase tickets at door..cash only…receipts available at registration)
AGM September 12, 2012
Dinner Meeting @ Harvest Golf Club
Guest Speaker: Paul Fabri of CMHC
(details to follow)
November 13th, 2012
GST/PST Transition – Impact on the Building Industry Explained ..is your business ready?
Guest Speaker: Paul Guerette of Grant Thornton
Coast Capri Hotel
11:45 am – 1:00pm