My uncle in India bought a Toronto condo - How does HST work for a foreign investor?

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My uncle in India bought a Toronto condo - How does HST work for a foreign investor?
Hello,
 
My uncle is in Mumbai and has bought a condo in Toronto.  It's obviously an investment and I may move in.  What are the HST implications?  Does he have to pay it as a foreign investor?  Can he get the HST back?

Answers

By HST Relief
Foreign investors are subject to the same HST rules as Canadians - if they or an immediate family member are going to move in (excludes nephews; includes parents, siblings, spouses, children and adopted children), then the HST rebate portion will not be due on closing.  He will not have to pay an additional HST on closing.  If your uncle is not going to move in or if you are going to move in as his nephew, then the HST rebate portion will be due on closing (this is approx. $22,000 for a $300,000 condo.  Call us for more information on how much to expect in HST due on closing).  Then, your uncle will have to file for the New Residential Rental Rebate with a 1 year lease to get the money back from CRA.
 
The good news is that foreign investors do qualify for the HST rebate; they do qualify to get their money back.  You do not have to be Canadian, have a SIN number nor reside in Canada to get this rebate.  Call us to put together your filing in order to reclaim your money from CRA.  1.866.832.1990
 
 

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