HST and Commission
Here are 2 interpretations about HST and commissions. The position that can be taken is that any residential sales that firm up before July 1, 2010 but close on or after July 1, 2010, only GST would apply because 90% of the realtors job would have been finished, only conveyancing to be done. If you have listing which firms up after July 1, 2010, it likely that HST would apply; however there may be pro-rated calculation. As we are not accountants or CRA, we can only go by what information is provided to us. If you have an active listing writing on an old MLS contract which does not address HST, seller should sign a listing amendment to acknowledge the change from 5% to 12% HST on top of the commission
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