June 10th, 2022

Check it out!

The Canada Revenue Agency (CRA) wants taxpayers to have the information they need to meet their tax obligations. That’s why the CRA is publishing a new notice related to GST/HST treatment of assignment sales.

As it relates to residential housing, an assignment sale is a transaction in which a purchaser (an assignor) that has entered into an agreement of purchase and sale with a builder of a new house sells (assigns) their rights and obligations under the agreement of purchase and sale to another person (an assignee).

As announced in Budget 2022, a proposed amendment would make all assignment sales of newly constructed or substantially renovated houses or condominium units taxable for GST/HST purposes. The proposed amendment would apply to all assignment agreements entered into after May 6, 2022.

GST/HST Notice 323 - Proposed GST/HST Treatment of Assignment Sales provides questions and answers regarding the proposed amendment, including information on timing, deposits, and tax rebates. Any commentary in this publication should not be taken as a statement by the CRA that the proposed amendment will become law in its current form.

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Industry Webinars and Events

Association of Interior Realtors
Tradeshow & Conference 2022
Wednesday, June 22, 2022 – Thursday, June 23, 2022
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MIABC
June 2022 MIABC Webinar: Leasing Panel
Tuesday, June 21, 2022 12:00 p.m. – 1:30 p.m.
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PAMA
Rental Management Part 3
Tuesday-Thursday June 21-23 from 9:00 a.m. – 12:00 p.m.
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UDI
WUDI: Building Healthy, Building Happy - Designing for Social Resilience
Tuesday, June 14, 2022 12:00 p.m. – 1:00 p.m.
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FortisBC School of Development 2022: The Art of Approvals
Friday, June 17, 2022 8:00 a.m. – 5:00 p.m.
Saturday, June 18, 2022 8:00 a.m. – 2:00 p.m.
SFU Wosk Centre for Dialogue
Strategy Room 320
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Vancouver, BC V6B 5K3
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UDI Webinar: Finance Forum
Tuesday, June 21, 2022 9:30 a.m. – 10:30 a.m.
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ULI
ULI BC: Heather Lands Project - MST, Canada Lands and City of Vancouver Partnership Panel
Thursday, June 16, 2022 12:00 p.m. – 1:00 p.m.
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ULI BC: Coffee and Conversations – Sport and Entertainment Anchored Destinations with Architect Kyle Morphy of Populous Architectural Design
Tuesday, June 21, 2022 8:00 a.m. – 8:45 a.m.
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ULI BC: Certificate Series - Mixed Tenure Partnerships
Thursday, June 23, 2022 4:00 p.m. – 6:00 p.m.
South Flatz Rooftop Conference Room
565 Great Northern Way
Vancouver, BC V5T 0H8
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ULI BC: Champions in the Spotlight - In Conversation with Sheryl Song of Ryna
Wednesday, June 29, 2022 12:00 p.m. – 1:00 p.m.
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