zoro99 wrote:Hi all,
I am wondering if there is any HST savings if one was to trade their existing old house + cash to a developer who is selling a new SFH. I know that when trading in a used car on a new car, you only pay tax on the cash you pay on top of the trade. Does the same thing apply in real estate? eg. New house costs $2M. We use the assessed value of my place of $800K to set the value of the trade, and I then ante up $1.2M additional cash. Do I pay HST on the $1.2M, or I still pay it on the $2M?
I'm not sure if there is any way tax advantages to trying to trade-in an old house on a new one? Just curious....
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