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Dear David,
I have thoroughly enjoyed reading your E mail responses and have learned a lot.
My question is regarding GST on property.
I am purchasing a piece of property on the Sunshine Coast that has 3 separate dwellings. The total land is 4.79 acres. According to the federal government 1/2 hectare per dwelling is exempt. The balance is GST eligible.
The assessment on the value of this land is unknown. It is not waterfront but is potentially subdividable and usable as building sites. My lawyer suggests I should register for GST and then I will be exempt from paying the GST on this parcel. Is it advantageous or will it come back to haunt me.
Would this potentially devalue that parcel as another buyer in the future would be eligible for this GST. Many thanks.
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david ingram replies
Your lawyer is correct. G S T is payable on all vacant land.You should register. When you do sell it, the next purchaser will have ot look after the problem themselves.
David Ingram of the CEN-TA Group
US / Canada / Mexico tax and working Visa Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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