The B.C. government is promising to make the return to the PST and GST as painless as possible.
An independent panel reported in May that it will take 18 to 24 months to complete the change.
Discussions with the federal government are underway concerning transition rules and the return of the $1.6 billion BC received when it implemented the harmonized sales tax (HST).
The province is reviewing the old PST legislation to identify possible administrative improvements.
Re-establishing its capacity to administer the tax will include staffing, facilities and equipment, and staff training.
A communications plan is being developed to assist businesses with information, registration and training and a website has been developed to provide quarterly public updates
An expert panel will be named shortly to begin work on identifying efficiencies in the existing PST system and make recommendations to streamline the tax's administration.
Until the transition takes place, if you're buying a newly built home you're paying HST on it (unless the developer absorbs the cost). And if the price is over $525,000 before Property Transfer Tax you'll pay more than by the GST/PST system. Use this calculator to find the difference. (Don't enter dollar signs or commas.)
HST - PST Calculator
Click here to calculate the difference between HST and GST/PST on the cost of a new home.
