This week we learned that the the reign of the HST in B.C. will end April 1, 2013. At that time we will convert back to the 7% PST. In the meantime new rules have been implemented to help with the transition period.
Here are the key elements that I have gleaned from the press releases:
1. Previously the top threshold for receiving any HST rebate was $525,000. At that price you could receive a $26,250 rebate. Beginning April 1,2012, with the transitional rules, the threshold has been raised to $850,000 with a maximum rebate of $42,500.
2. These rebates are now available for 2nd homes.
3. After April 1, 2013, buyers will pay a 2% transitional tax on homes built before April 1, 2013.
This government site on New Home Purchases attempts to explain the rules for the transition from the HST to the PST.