Ian Watt Vancouver Condo Real Estate Video Blog #748 - February 24, 2013
Postpone Your Vancouver Condo Sale Until April 1 2013 and Save Thousands
Ian Watt video blogs about how the HST of 12% will be reduced to a tax of 5% which means a savings of thousands of dollars on selling real estate commissions paid by the sellers. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright Ian Watt © All Rights Reserved 2013.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. As you know in Canada our HST, our taxes are 12%. However from April 1st is going to change to 5%. Now I’m not an accountant so check with your accountant to make sure my numbers are correct. But if you are selling a property and it’s a $20,000 dollar commission 12% of a $20,000 dollar commission is twenty four hundred dollars, however when it changes April 1st to 5% that $20,000 dollar commission will have one thousand dollar amount on it so big savings for sellers. The reason why I want to tell you this because if you do have an offer coming in it might be a good idea to make sure a completes after April 1st and speak with your accountant of course because then you will be able to save fourteen hundred dollars on a $20,000 dollar commission that is a big savings just by shifting everything a few days later. My name is Ian Watt if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!