Taxes & property

There are three certainties: life, death, and taxes… Nowadays, everything is taxable: consumer goods, professional services, and many others. What if I buy a property? When planning a purchase, do I have to include GST and QST in my budget? Indeed, whether you are considering private property resale or the acquisition of a new house, residential or commercial facility, or building for short or long term rental, it is important you seek advice from a professional to find out if GST and QST apply. If the transaction is deemed taxable, it may be the seller’s responsibility to collect the GST and QST and remit the amounts to the relevant authorities. However, other rules can apply if the purchaser is registered for the GST and QST. What happens if I decide to convert propriety use (residential, commercial or rental)? Ask your Notary.