90% Rule HST

CRA is offering HST seminar’s to help us understand the new charges and changes coming. I went to one last week hoping to learn something, meet new people and well you never know where your next listing or purchaser will come from! The course was highly informative I suggest you attend one. I am predicting a flurry of activity especially in the renovation business as we approach the HST start date July 2010. Real estate is affected. Anything that had GST is now subject to HST. That adds to the cost of selling a home and to the cost of buying a home.
Like anything there will be a transition. Today I am writing about the 90% rule. If 90% of the service has been performed before July start date then no HST is applicable. Say you list and sell a house in May conditionally. It firms up in June but doesn’t close until August 15th. As the listing agent 90% of your service or work has been completed before July 1st therefore no HST is applicable.
That makes sense to me but to be sure I suggest you document your work just in case 1 day 5 years later you are been audited. My opinion; a lot easier reviewing notes than trying to remember old sales.

Why London?

Here is an article a reader submitted to me. She was a student at the University of Western Ontario, and wanted to share why she now calls London home.

Many people have asked me why don’t I move back home (to Hamilton). I moved to London just over four years ago to attend Western University. Since then, I have called London home. While students moved back home during summer breaks, I stayed here. I recently graduated in June, and I am still here. So…why do I stay in London?

Coming from a large industrial city, it wasn’t hard to fall in love with London. London seemed noticeably safer, and I was awed by the beauty of the tree-lined streets and lush green parks.

There are lots to see and do; plenty of festivals such as the London Ribfest, Sunfest, and Balloon Festival that take place annually. If you take a stroll down Richmond Row, you can find many places to eat or have a drink. During the winter months, you can go skating in Victoria Park or outside the Covent Garden Market.

Now London is a smaller city than Hamilton, albeit larger than most in Ontario. But I do appreciate how it offers the best of both worlds. For 8 months of the year, there is a hustle & bustle. During the summer months, students are gone, and the city calms; it becomes more peaceful and quiet.

There is one downside to London: the snow. London is located in the Snow Belt region so the city gets a lot of snow. But don’t fret, there’s an upside! It makes beautiful winters.

Would you like to share your experience of living in London? Email me or leave a comment!

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Things You Should Know About London

Thank you for visiting my blog. I have lived and practiced real estate in London for over 20 years; I can tell you quite a bit about this city! Please feel free to ask me any questions that you have about London, or tell me about your stories, I'd love to hear from you.