Table of contents
No headersThe following are links to sections of interest on the Canada Revenue Agency web site:
HST LINKS:
Harmonized Sales Tax: Stated Price Net of GST/HST New Housing Rebates in British Columbia
As the CRA has now published a number of documents setting out the formulas for most types of HST calculations, our formulas match those now published. Please note however, when using the CRA formulas for transactions where the purchase price includes the net HST, Net Consideration + Net HST does not always = Purchase Price. We spoke with a CRA representative regarding this and were advised that it did not concern them as the difference was less than $5.00.
Feedback was taken from many of our over 500 member firms regarding these calculations. The overwhelming majority of our members advised that the calculations completed in econveyance MUST match the calculations published by the Canada Revenue Agency.
Users that prefer not to follow the formulas published by the Canada Revenue Agency are able to easily edit both the consideration and the HST amounts on the property screen once they are calculated by econveyance. These amended figures will then complete on the Adjustments as well as on the GST/HST 190 E 11 and GST190 BC Rebate Schedule (RC7190 BCE HST). Note: The math on these forms will not be accurate due to the changes made and the forms complete with the figures entered on the property screen.
The Canada Revenue Agency has released new GST/HST New Housing Rebate forms as of July 5, 2010. The GST/HST New Housing Rebate Application For Houses Purchased from Builder (form GST190 E (10)) and GST190 British Columbia Rebate Schedule (form RC7190-BC E) are now available and will populate with the applicable information from your file.
The GST190 Calculation Worksheet (form RC7190-WS E) is also available in econveyance. This form is a worksheet only and no information populates.
The quickest way to find these new forms is to search for 190 in the All Documents group.
GST/HST Certificates
There are several GST/HST forms in econveyance. Simply search for GST or HST under the All Documents group.
GST LINKS:
Stated Price Net of Rebate - GST at 5%
Additional Links
Purchasers of New Housing in British Columbia
BC Harmonized Sales tax - Rebates and Exemptions#
Ministry of Finance - General Transition Rules#
BC Real Estate Association HST FAQs#
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