The Real Estate industry in Vancouver British Columbia has said this new tax will hit profits just as they struggle to shake off the recent recession.

The B.C. government announced that the province will be launching their Harmonized Sale Tax on July 1, 2010

The restaurant industry is estimating this new tax will cost its members $500-million in the first year of operation.

Ottawa will give B.C. a $1.6-billion lump sum to smooth the transition to am integrated provincial and federal sales tax.

As far as tax relief measures the Real Estate industry is already receiving a floating rebate of $20,000 against tax charged on newly constructed homes.

The B.C. Finance minister has ruled out any outright repeal of the current move to an HST.

Just like the Ontario's move to an HST, new homebuyers will definitely be paying much more tax in home buying and home buying services.