REALTORS and business owners: Save on PST now
The HST in British Columbia will be gone and the old system of PST (Provincial Sales Tax) and GST (Federal Goods and Services Tax) will take place on April 1, 2013.
Here’s how REALTORS and business owners in British Columbia can save on the PST with a time-sensitive strategy…
With the sales tax system on and after April 1, many items will be taxed separately as:
GST 5%, and
for a total of 12% on your purchases.
Under the HST system (before April 1, 2013), REALTORS and business owners can claim the full 12% HST back. On and after April 1, however, they can only claim the GST portion of tax back, which is 5%, and the 7% PST will be gone for good!
Make your saving today! So if you have many regular items to purchase that are subject to PST and GST, you can make the purchase before April 1 – you pay 12% HST and you can claim them all back. This will save you 7% on the PST should you make the purchase on and after April 1, where your 7% PST paid will NOT be refunded.
In British Columbia – What’s Taxable under the PST and What’s Not?