Frank Salvatore
RE/MAX Escarpment
https://franksalvatoreteam.ca/Languages
- English
Specialties
Buyers, Sellers
Locations
Glanbrook, Hamilton Mountain, Stoney Creek, Central Hamilton, East Hamilton
If I am running a business from home is my property subject to HST?
If you are running a business out of your residential property, you may be required to pay H.S.T. when the property is sold, depending on what percentage of the property is being used for your business. For example, if your home is worth $750,000 and you are using 40% of the h...
Dec 07, 2023
If you are running a business out of your residential property, you may be required to pay H.S.T. when the property is sold, depending on what percentage of the property is being used for your business. For example, if your home is worth $750,000 and you are using 40% of the home for a daycare, you may be required to pay ($750,000* 40%)*13% H.S.T= $39,000. Furthermore, if you own a Mixed Use property where for example the main floor is zoned commercial and the upper two levels are zoned residential you may be required to pay H.S.T on the commercial portion only. Your MPAC assessment (Property Tax Bill) will help you determine what percentage of the dwelling is deemed commercial.