Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Can GST be added to mortgage?

Havan8655

Focused Investor
Registered
Joined
May 3, 2016
Messages
79
For new residential construction purchases in BC, does 5% GST would be added to the mortgage loan amount or does one has to pay it when closing?
 

Thomas Beyer

0
REIN Member
Joined
Aug 30, 2007
Messages
13,881
It has to be paid but you can apply for a rebate. Usually it is NOT borrowed, although some sellers/developers do legally clean tricks, ie give you a decorating allowance, of say $20,000. That is then deducted on the closing table and GST added.
 
Top Bottom