The BC Legislative Assembly’s Finance and Government Services Committee has released the Report on the Budget 2012 Consultation which outlines 75 recommendations as a result of consultations across the province. It is encouraging to see that the report refers to submissions made by organized real estate and includes quotes from VREB President, Dennis Fimrite, and BCREA CEO, Robert Laing, with respect to the transition from the HST back to the PST on property transactions.
Of particular note among the committee’s recommendations:
55. Complete the transition from HST to PST as soon as responsibly possible (BCREA CEO Robert Laing is quoted on page 36).
56. Make HST transitional rules available to industry as soon as possible; remove the PST portion of the HST immediately on all new homes, including second homes (VREB President Dennis Fimrite is quoted on page 36).
57. Strike a stakeholder working group to look at the advisability of mid-term opportunities to modernize and streamline the PST (Real Estate Board of Greater Vancouver Manager of Government Relations, Harriet Permut, is quoted on page 37).
