The federal government, in its “economic update” of October 30, 2007, proposed to reduce the GST rate from 6% to 5%. The reduction will be effective January 1, 2008. The transitional rules and associated changes “in general […] are the same as those implemented when the GST was reduced from 7 to 6 per cent on July 1, 2006.” For more information, see the Department of Finance website, in particular under the heading “Specific Transitional Rules”. The site includes details on the rules applicable to transfers of real property (see “(a) Sales of Real Property”).
