Does new property purchase has GST in BC?

[Havan8655]

I knew new property purchase will be exempted from land transfer fee in BC, but whether GST is added to the closing costs? my colleague is buying a new property in Kamloops and she said although land transfer fee is waived, but GST is added for new constructions. Is this GST added towards closing costs or will be added tot he actual mortgage?

 

[Tina Myrvang]

The GST charged will be added to the Purchase price. You might be able to claim a rebate depending on the property.

Click HERE to find out more.

 

[Havan8655]

The GST charged will be added to the Purchase price. You might be able to claim a rebate depending on the property.

Click HERE to find out more.

whereas land transfer fee is added towards closing costs where the amount that one has to show sufficient funds to close, right?

 

[Tina Myrvang]

That is correct. The Land transfer tax is added on to your amount that you must have to purchase the home. Down Payment.