B.C. to give homebuilders HST certainty
VICTORIA - Finance Minister Kevin Falcon says the housing industry will learn about new transition rules for the harmonized sales tax on Friday.
Falcon says he wants to introduce the new rules before he tables the Liberal government's new budget next Tuesday.
Falcon says some details are still being worked out, but he says the transition rules will bring more certainty to the housing industry.
He says the rules don't come in the form of a tax cut, but will ease the transition from the HST to the former provincial sales tax.
Last fall, B.C. homebuilders said the government's 18-month transition process to replace the HST threatens the potential creation of 8,000 construction jobs and more than 2,000 residential housing units.
The homebuilders said they feared if HST changes are not made soon, many developers and potential new home buyers will wait until next year to take advantage of the cheaper provincial sales tax.
British Columbians voted to get rid of the HST in a referendum last August.