February 2012 Home Renovation Newsletter
In this issue of reVISION’s Renovation Newsletter:
- HST Transition Rules and Tax Relief Measures
- BC Home and Garden Show
- Environmentally Friendly Renovation Tips
HST Transition Rules and Tax Relief Measures
On Friday February 17, 2012 Minister of Finance Kevin Falcon released HST transition rules and tax relief measures for the home building industry and its clients.
- Effective April 1, 2012, the HST rebate threshold on new homes increases from $525,000 to $850,000. The maximum rebate rises to $42,500 from $26,250.
- Also effective April 1,2012, the HST rebate threshold for the secondary/recreational home industry outside of the Greater Vancouver and Capital Regional Districts, rises to $850,000 from $0.
- PST implementation will be effective April 1, 2013.
- All newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, the purchaser will not pay the 7% provincial portion of the HST. Instead, purchasers will pay a temporary transitional provincial tax of 2% on the full house price.
- Home renovation will fall under regular transition rules to take effect April 1, 2013.
- A $1,000 Seniors’ Home Renovation Tax Credit, a refundable personal income tax credit for the cost of permanent renovations that provide individuals age 65 and over with increased independence. This is an annual $1,000 credit based on 10% of eligible expenditures. Details are available here.
- Builders will receive temporary housing transition rebates to offset PST on materials to help prevent double-taxation on homebuyers.
For more information on the HST transition rules please go to www.pstinbc.ca and click on “New Housing Rules”.
BC Home and Garden Show
The B.C. Home & Garden show will be held on February 22-26 at B.C. Place Stadium. Click here for more information.
Environmentally Friendly Renovation Tips
Choose More Sustainable Products:
- Ceramic and stone flooring is a healthy choice.
- Bamboo and cork flooring is a nice replacement to traditional hardwood flooring. Bamboo is a rapidly growing resource and can be harvested very easily. Cork, which is made from the bark of an oak tree, can be treated to make it waterproof. It looks great but it’s also durable and comfortable to walk on.
- Make sure the adhesive used for your flooring isn’t made with urea-formaldehyde or any other toxic solvents.
- When choosing your cabinetry, you can seek out cabinets made from wheat board or wood that has been harvested sustainably. Toxic chemicals can be released into the air from wood composite or particle board.
- Water savings from around 20% can be found by purchasing low flush toilets and showerheads.
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