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June 10th, 2022

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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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FortisBC School of Development 2022: The Art of Approvals
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Wednesday, June 29, 2022 12:00 p.m. – 1:00 p.m.
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