Which type of real estate transaction is generally exempt from GST/HST in Canada?
Correct Answer
A) Resale of existing residential properties
The sale of a used residential complex by someone who is not its builder is an exempt supply under the Excise Tax Act, Schedule V, Part I, s. 2, so ordinary resales of existing homes carry no GST/HST. New homes, new condominium units and commercial leases are taxable supplies.
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