HST on new housing I have purchased

Edited by Admin
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 account for HST and closing costs.  How much HST should I expect to be paying on the closing of this sale?  I bought it for 309,900.  

Answers

By HST Relief
Yes, 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 is usually about 7.8% of the purchase price, until you start getting above the 450k mark.  
 
For you condo investment of $309,900 as listed on the Purchase Agreement, you should be prepared to pay $22,977.38 in HST on the day of closing (the remainder of the total.  The good news is that you can file the day after closing to get your HST Rebate portion - this entire amount - back.  You will need a 1 year lease and to send us some additional supporting documentation.  Please call us at 1.866.832.1990 or email us at info@hstrelief.ca
 
For additional closing costs, we can help you review your Purchase Agreement.  Standard closing costs for new construction homes and condos include:  Levies, land transfer taxes, builder development charges, lawyer's fees and sometimes taxes are paid upfront.  Call us for more information.

First Canadian Place • 100 King Street West • Suite 5700 • Toronto, ON • M5X 1C7

jack-wong Tridel-logo SR_Logo-BlackRed-stacked-short Team-Lemos-image Del-condo-rentals-LOGO
Powered by RWARDZ