(778) 668-9320 scott.dawson@verico.ca

British Columbia is transitioning from the HST to GST/PST on April 1st, 2013. This will impact those who have purchased a new property in BC. Tony Spagnuolo was on hand for a twitter chat to answer questions on how the transition will affect new home purchasers.

If you missed the Twitter chat live I’ve embedded the #SpagChat tweets from the chat below. If you have further questions about the transition from HST don’t hesitate to contact me or Tony Spagnuolo at Spagnuolo & Company.

HST Transition Twitter Chat

#SpagChat

Storified by Scott Dawson· Wed, Mar 27 2013 19:07:17

Happy Monday! Don’t forget about #SpagChat this Wednesday @ 1pm PST. Find out everything you need to know about transitioning back to GST.Spagnuolo & Company
Happy Monday! Don’t forget about #SpagChat this Wednesday @ 1pm PST. Find out everything you need to know about transitioning back to GST.Spagnuolo & Company
Don’t miss the #SpagChat tomorrow at 1pm – get your questions about the GST/HST transition answered.Spagnuolo & Company
#SpagChat today at 1pm PST re HST transition. Use an app like <a href="http://t.co/EXSGGlc2z9" class="">tweetchat.com</a> to take part. Just enter in #SpagChat to see & ask Q’sSpagnuolo & Company
@denisebrownwhis – we’re also hosting a TweetChat today at 1pm PST to answer questions. Use #SpagChat to follow along!Spagnuolo & Company
RT @SpagnuoloLaw: #SpagChat today at 1pm PST re HST transition. #SpagChatSarah Hanson
Looking forward to #SpagChat today at 1pm PST for Q&A about the GST/HST transition.Scott Dawson
Less than 10 minutes until #SpagChat begins Get yourself settled & ready. Tony is ready to answer all of your questions!Spagnuolo & Company
hi all, let’s get going; i’m going 2 type few things 2 start, but fire away with q’s; #spagchatTony Spagnuolo
of course, will pop out for espresso between questions LOL #spagchatTony Spagnuolo
BC 1st time home buyer bonus gone after tmrw, deals must close or possession granted today or tmrw #spagchatTony Spagnuolo
How does the 2% transition tax apply? #SpagChatSandra Ens
also in the "duh" category….HST goes away Monday, but LTO closed fri and mon, so goes away for land deals tmrw #spagchatTony Spagnuolo
HST changes to GST, and transition tax comes in at 2% on some deals #spagchatTony Spagnuolo
trans tax applies if construction of prop at least 10% complete as of april 1, and deal closes between apr 1/13 and apr 1/2015 #spagchatTony Spagnuolo
if construction not 10% complete as of apr 1, 2013, or deal closes after april 1, 2015, no trans tax #spagchatTony Spagnuolo
not sure how 10% will be determined, likely developer will retain architect or quantity suvrveyor #spagchatTony Spagnuolo
Had this question come in prior to today – how will govt confirm 10% complete status? #SpagChatSpagnuolo & Company
on side note, land title servers are down, can’t close deals for at least an hour, just what we need at month end #spagchatTony Spagnuolo
most projects easy to determine if 10% comp, some may need certification (architect or quantity server????) #spagchatTony Spagnuolo
Have also had questions on the rebates? Does someone have to be a resident of Canada to claim the rebate? #SpagChatSpagnuolo & Company
do not need to be a resident, but they r not eligible fr home owner rebate if they do not live here; may get investor rebate tho #spagchatTony Spagnuolo
same rules apply for rebates w/ HST and GST; same investor and home owner rebates, of course diff thresholds #spagchatTony Spagnuolo
w/ GST, no rebate for homes over $450,000, full rebate (36% of GST paid) for homes under $350,000 #spagchatTony Spagnuolo
If new condo was to close before Apr. 1, then is delayed till after, is the formula 5%GST PLUS a new 2% tax? #spagchatBev Hutter
@sdd thx 4 introducing me to tweetchat, great way 2 give advice to people spread out all over and have espresso at same time #spagchatTony Spagnuolo
@Tonyspagnuolo I’m drinking a coffee as I follow along too. #SpagChatScott Dawson
Avocado and toast here! 🙂 #spagchatBev Hutter
@hbev Sounds weird but try Avacado, Peanut Butter & Hot Sauce on a toasted bagel. So good! #SpagChatScott Dawson
Mine sounds weird, eh? #spagchatBev Hutter
if closing delayed til aft apr 1, GST applies not HST; hopefully not a first time buyer tho cuz first time bonus gone after apr 1 #spagchatTony Spagnuolo
will be 5% GST and 2% transition tax for closings next week #spagchatTony Spagnuolo
Really? Is there something to replace that?Also, how can they just make up a new tax like that? #spagchatBev Hutter
@sdd @hbev maybe we should do a cooking show next time….. #spagchatTony Spagnuolo
govt makes up new taxes all the time….called a cash grab #spagchatTony Spagnuolo
How long does the 2% tax last? #spagchatBev Hutter
@Tonyspagnuolo I didn’t have 1 client take advantage of first time buyers bonus. #SpagChatScott Dawson
2% lasts for homes closing between apr 1, 2013 and apr 1, 2015, for those homes that are 10% constructed as at apr 1, 2013 #spagchatTony Spagnuolo
@sdd we have had quite a few, it really helped people get off the fence and buy new homes; jobs in new const industry are so imp’t #spagchatTony Spagnuolo
@Tonyspagnuolo It’s good that some were able to benefit. All my 1st timers bought resale. #SpagChatScott Dawson
So that’s actually MORE than the HST, as the rebates got the number close to 5%! #spagchatBev Hutter
@hbev not sure i know what you are asking #spagchatTony Spagnuolo
I guess it’s not a question. My client paying more now her condo closing after Apr.1 instead of Mar. 26th. Seems wrong! #spagchatBev Hutter
from all that i have seen, there is no diff for homes under $850K with HST or GST plus 2% trans tax #spagchatTony Spagnuolo
@hbev dont think she is cuz of enhanced rebates; what is her purchase price? #spagchatTony Spagnuolo
$132,000 #spagchatBev Hutter
@hbev my initial reaction….where did she buy for 132K #spagchatTony Spagnuolo
In Maple Ridge! A great deal! #spagchatBev Hutter
@hbev 2cd thought, go to <a href="http://t.co/5fBLjtj0E7" class="">bcrealestatelawyers.com/hst/calculator</a>; there is no diff in what she will be paying #spagchatTony Spagnuolo
@Tonyspagnuolo @hbev the transition tax makes it so it’s even from present day closes and post april 1 2013 doesn’t it? #spagchatBen Lim
that link doesn’t work…..just tried to click and put in a browser.. #spagchatBev Hutter
<a href="http://t.co/1MZUacU4Cv" class="">bcrealestatelawyers.com/hst/calculator…</a> #spagchatTony Spagnuolo
w/ trans tax no inc in price; in theory clients save 2% aft ’15 but govt claims 2% inc in cost of const, so prices will rise by 2% #spagchatTony Spagnuolo
Sneaky…. #spagchatBev Hutter
getting near the end, any further q’s???? #spagchatTony Spagnuolo
Any last minute questions for Tony? If not, transript will be available tomorrow morning so you can refer back. #SpagChatSpagnuolo & Company
if you have suggestions for future topics, let me know, might do title insurance next #spagchatTony Spagnuolo
bye for now #spagchatTony Spagnuolo
can I ask a title ins question? #spagchatBev Hutter
You can also call @ 310-HOME. We can’t promise Tony won’t be on a golf course somewhere, but 1 of our lawyers can answer your Q’s! #SpagChatSpagnuolo & Company
Thanks Tony!! #spagchatBev Hutter
@hbev – go ahead and email or call Tony. He’ll be happy to answer for you! #SpagChatSpagnuolo & Company
Thx to all who participated in #SpagChat – Tony’s curious to know how many were following. Reply to let us know if you were "listening"!Spagnuolo & Company