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How does HST work for new properties?

By InvestorAriHST RebatesJuly 21, 20151 comments

Hi there - I am a real estate investor and I want to know how to find out if I have to pay HST on my property?  If so, how much will the HST be for my investment property?AnswerIf a property is new construction (as opposed to resale), HST on the property must be paid to the CRA at the time of title transfer and final closing.   If you are purchasing a new build preconstruction ...

What is the HST on assignment real estate purchases

By SailorFebruary 14, 20200 comments

How is HST calculated for real estate assignment purchases in Ontario? Can I get a loan for the HST portion as part of my mortgage?AnswerGreat question, builders deal with assignments the same way as they view investment properties.  It is now your responsibility to come up with the funds to close.  Most builders deal ...

HST Loans Ontario

By HST ReliefFebruary 14, 20200 comments

When purchasing a pre construction property that is a rental or assignment in Ontario you will need to pay for the HST Rebate upfront.  HST Relief is the only company in Canada that will lend for the proposes of these taxes and file to get said rebate back form the gove ...

Able to apply HST Rental rebate

By edwardDecember 10, 20190 comments

Is the below statement true?   ===================================== For your better understanding, it was recently brought to our attention through reliable sources that Canada Revenue Agency ...AnswerHello Edward,   You are correct, CRA does not look favorably on lease back program.  In order to qualify for the rental rebate the renter must be an individual an not a corperation.  This ...

How much HST do I pay for a house?

By PHatrickNovember 2, 20170 comments

Hi, I am closing on a property soon. It is a house and not a condo.  Do I need to worry about paying the HST for this?  I do not plan to live there but to use the  new home as an income ...AnswerAll new construction purchased from a builder in Ontario is subject to HST - whether the new property is a house, condo or townhome.     When a builder has you sign the agreement of ...

HST applied to new residential housing in Ontario

By AAshtonNovember 2, 20170 comments

Hi HST Relief,   I need more information on how HST is applied to residential housing in Ontario.  What should I expect when closing a tonwhouse I bought in richmond hill?  Will there be ...AnswerYes, there is HST applied to new construction real estate anywhere in Ontario - regardless if the condo, house or townhouse was purchased in Toronto, the GTA or anywhere else across Ontario.  Some ...

Common Questions about the HST New Housing Rebate and HST New Residential Rental Rebate

By HST ReliefOctober 23, 20170 comments

Many investors have heard about how the HST Rebate affects their real estate investment and are aware of how the process works generally.  When a new construction property is purchased as a primary residence, the HST New Housing Rebate is credited immediately on closing with ...

What does the future hold for real estate in Toronto?

By HST ReliefSeptember 30, 20160 comments

The team at HST Relief met last week to listen to CIBC's Deputy Chief Economist, Benjamin Tal, speak about the future of Toronto's real estate market with cautious optimisim.   What are the positive signs pointing to a healthy real estate market in Ontario?   For one, prices ...

Federal HSt rebate protion

By NovaSeptember 1, 20160 comments

Inaddition to getting Provincial HST back, I wondering how much HST you get back for federal HST rebate. I purchased a preconstruction house in 2014 Dec for $405,000.   I closed house in June ...AnswerGood question.  Yes, we have a work around for this that we use for our clients.    Both the Fed and Provincial portions of the rebate ask about the Fair Market Value.  It is true ...

HST Rebate for AirBnB

By PHatrickMay 18, 20160 comments

I understand that you must rent an investment property in order to qualify for the HST rental rebate.  Can I show my earnings from Airbnb (I am claiming it in my taxes with CRA) to get the rebate ...AnswerGood question.  The Rental Rebate requirements to get the rebate portion of HST back ask for the submission of a 1 year lease agreement to CRA along with the application.  If you do not submit ...

I got $18,000 in HST back!

By AAshtonTestimonialsMay 18, 20160 comments

I bought a condo from Liza developments and as soon as I closed on the property, HST Relief filed with CRA to get my money back.  It was an excellent experience and I am happy that HST Relief was there to help! I would have no idea how to navigate the forms myself.

Home bought for an investment and HST in Ontario

By SarahJSmithMay 2, 20160 comments

My question is - is the HST due for new construction only apply to new condos or also applies to a home that I bought as an investment?  The home is not in Toronto but in Barrie and is new constr ...AnswerYes, HST is applied to all new construction real estate in Ontario.  The same amount of HST is due whether or not you have purchased a new construction condo, townhouse or house anywhere in Ontario. ...

Costs for the HST of new home rental investment property

By RobyaCMay 2, 20160 comments

Hi,   My client is purchasing a new home from a builder.  What additional costs should they plan for?AnswerGreat question.  Usually your solicitor or real estate lawyer is a good person to explain all the costs associated with closing on an investment property.  When you are buying new construction, ...

Investment properties line of credit (loc) in Canada

By DDMunkMay 2, 20160 comments

Can I get a line of credit to help me with some of the expenses and HST and other closing costs for my new investment income property that I purchased in Ontario?AnswerTechnically, the schedule A banks are not mandated to lend for tax-related purposes, which means that a bank will not provide a line of credit to cover the HST due on closing.  Mortgages can not be ...

How to calculate the HST for a condo bought as income investment property

By SarahJSmithMay 2, 20160 comments

How do I find out exactly how much I will owe in HST?AnswerThe HST due on closing is not the full 13%.  The amount of HST due on closing is the HST Rebate portion.  A very rough calculation of this is 7.8% of the purchase price listed on your Agreement ...

Is there HST payback on my investment property?

By ClintFManMay 2, 20160 comments

I heard I can get some of the money I paid for the HST on my new investment property as a sort of payback.  How can I get this HST back?AnswerYes, if you are purchasing a new construction property to be used as an investment, then you will both 1) owe a portion of the HST on final closing and 2) be able to get this money back by filing for a ...

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