Putting a condo in a family member's name and HST due on closing to CRA

I am in the process of completing a sale for a new condo in the financial district of Toronto and my clients have a question about how HST will be applied to this purchase.  My client lives in Dubai ...AnswerGreat question.  You do not have to be Canadian nor have a SIN number or reside in Canada to qualify for the HST Rebate on a new condo.  So, you are free to put the condo in your clients name ...

HST rebate for house in Richmond Hill

Bill again here,   One of my clients bought a preconstruction home for 1.1M in Richmond Hill off plans from a builder.  I saw online that they are not eligible for a HST Rebate.  Can you ...AnswerHi Bill,   The Purchase Agreement for pre-construction houses or condos bought from developer will outline how the builder intends to handle the HST.  The usual case is this:  the builder ...

HST on new housing I have purchased

I purchased a condo about 8 months ago from a builder off a plan as an investment.  It is set to close in a couple of months and my real estate lawyer mentioned something about having enough in my ...AnswerYes, you will need to be prepared to pay a portion of the total HST (the rebate amount) if you are going to be using the property as an investment and not as your primary residence.  This portion ...

Understanding the HST in the puchase of new condo

Hello,   I am posting here because I am new to the real estate investing world and have some questions.  I am considering a preconstruction condo in downtown Toronto, but I do not fully understand ...AnswerHow HST and the HST Rebate work for preconstruction condos is split into 2 scenarios in Ontario:   1. If you buy the preconstruction property and will use it as a primary residence, the builder credits ...

What is the exact amount I will owe in HST?

Hello - I have been quoted a variety of ranges in HST that will be due on my investment condo closing at Yonge and Eglinton.  My agreement of purchase and sale says $421,645 CAD.  How much will ...AnswerIf your APS that you signed when you purchased this condo as preconstruction says the purchase price is $421,645.00, the amount of HST that you will owe on closing is: 27,319.25.  Notice that this ...

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