GST Reduced from 6% to 5%

Just a reminder for home-buyers that the feds have reduced the Goods and Services Tax (GST), effective Jan. 1, 2008, from 6% to 5%.  If you are purchasing a new or substantially renovated home in Toronto, this will add up to significant savings.

As well, GST paid on real estate agent fees has been reduced to 5%.

Good news indeed!

George

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