REALTORS® will need to include the Goods and Services Tax (GST) in the sale price included in the Contract of Purchase and Sale (CPS), unless otherwise negotiated, starting on November 12.

This change is the most notable of several changes coming to the BC Real Estate Association’s Standard Forms next week.

Including GST by default in the CPS clarifies sellers’ net proceeds and buyers’ total out-of-pocket expenses.

This more transparent approach reduces the chance of clients misunderstanding the total price, which helps reduce legal and financial risks for all parties involved.

Alongside the default GST inclusion, the CPS will now include a disclosure that explains:

• GST liability is negotiable
• Buyers and sellers should seek professional advice
• Sellers must remit applicable funds to the Canada Revenue Agency

• BCREA’s Standard Form Launch Resources
• BCREA’s Fall 2024 Standard Forms Launch FAQ