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How many HST Rebates can I get?

By FleurDayHST RebatesAugust 24, 20150 comments

I am looking at purchasing three investment condos in the new Art Shoppe development at Yonge and Eglinton area in midtown Toronto.  I realize that I will owe a portion of the HST upon closing for ...AnswerAssuming you meet the criteria for the HST Rebate, you can file for it as many times as the rebate applies to you.  For e.g., if you close on multiple investment properties within any time frame, ...

Qualifying for HST rebate if convert new residential property to commercial

By RenePAugust 21, 20150 comments

Hi,   I am interested in purchasing a new residential unit but plan to convert it into a commercial unit. Will I still be eligible for the HST rebate?   Thanks. ​AnswerHi Rene. Good question. The HST Rebate programs in Ontario only apply to principal or primary residences and residential rental properties.  So, if you plan to use the new build investment property ...

When can I file for my HST rebate?

By JackJoeHST RebatesAugust 19, 20150 comments

I own an investment condo that was transferred to my name on final closing last March.  I am also doing renovations on my primary residence and I have gutted the place down to the studs.  I hear ...AnswerFor the investment condo, you can file for the New Residential Rental Property Rebate anytime, as you have already closed on the property.  Please email us at info@hstrelief.ca and we will provide ...

Qualifying for the HST Rebate as a foreign investor

By Peter WangForeign InvestorsAugust 17, 20150 comments

My uncle lives in China, but purchased an investment condo in Toronto that closed last year.  Are there any rebates that he is eligible for?  He doesn't live in Canada, is not a citizen, nor ...AnswerYes, he can still file for the HST rebate through the New Residential Rental Property Rebate program.  You do not need to be a Canadian citizen, a Canadian resident nor reside in Canada nor have a ...

Qualifying for HST loan if transfer new condo to a family member

By RenePMortgagesAugust 15, 20150 comments

Hi,    Are there any implications regarding obtaining the HST loan if I decide to transfer ownership of a new condo property to a family member (e.g., parent or sibling)?   Thanks.AnswerIf you plan to transfer the property to an immediate family member, such as a parent or sibling, we would recommend that you do this prior to closing the property and to obtain an amendment from the builder ...

Who can file an HST return for my new property?

By RealEstateDudeAugust 14, 20150 comments

I am looking for a company that helps homeowners and investors claim their HST rebate by filing the HST return.  Please advise.  I paid 410,000 for my investment condo.AnswerHST Relief: Rebates & Loans files HST rebates for a flat fee, or a percentage of the amount reclaimed (clients are free to choose their payment structure).  On an investment property that is rented ...

HST and selling an investment condo on assignment

By DaveJAugust 12, 20150 comments

I purchased an investment condo in Toronto with an assignment clause a couple of years back and I want to sell it before the final closing date.  Will I get any HST back if I sell this condo on assignment? ...AnswerAt the time of closing, the CRA will charge you HST on your deposit and on the profit you made for selling the condo.  The CRA considers this transaction a "flip" and you will not receive any HST ...

HST and mortgages for new construction investment condo

By AlekTrotterAugust 10, 20150 comments

I owe HST upon closing for my new investment condo in Toronto. Can I get a mortgage for a larger amount to cover the HST due upon closing?  I can easily qualify for an additional 25,000 in mortgage ...AnswerHi Alek, No. The major banks in Canada have a mandate NOT to lend for tax related purposes.  So, you cannot get a mortgage that will cover the HST amount due upon closing.  For this same reason, ...

HST owing for my new construction condo added to my mortgage

By CourtneyHST LoansAugust 6, 20150 comments

I am closing on an investment condo in midtown Toronto and as I understand it, I will owe HST on the closing date.  My real estate lawyer tells me that the HST due on closing will amount to about ...AnswerThe Schedule A banks in Canada are mandated not to lend to their clients for tax related purposes - such as for the HST required to close a new build property.  This means that banks will not give ...

HST Rebate in Ontario

By Frank SousaMortgagesAugust 4, 20150 comments

I am purchasing an investment condo with 2 other investors.  We plan to register one of our friends as a small minority owner because we will need their help to qualify for the mortgage.  Before ...AnswerIf you were to be moving in to the new build condo as a primary residence, all of the people on title would have to be moving in to qualify for the HST rebate.  And, if you have a co-signor on the ...

Primary residence sold - what do I do about the HST rebate I received?

By JJJohnsonHST RebatesAugust 3, 20150 comments

I planned to live in a new condo that I bought from a developer a few years back.  I signed the APS as if it was going to be my primary residence and closed on the property without having to come ...AnswerIt is possible that you will receive a Notice of Reassessment from the CRA asking for the HST rebate that you received back.  Since you claimed it as your primary residence and likely did not pay ...

How many times can one person apply for the HST loan per year?

By RenePHST LoansJuly 31, 20150 comments

Hi,   I would like to know how many times can I apply for the HST loan per year?   Thanks.AnswerHi Rene,   As long as you qualify for the loan (as long as you can afford it) and you qualify for the HST rebate, HST Relief: Rebates & Loans will lend to you multiple times per year.  Keep ...

Purchasing a condo in my parent's name and the HST rebate implications

By CorneliaRoseJuly 29, 20150 comments

Hey there, my parents signed an agreement of purchase and sale for a preconstruction investment condo that we intend to close in my name this year. As far as I understand the rules of the Canadian Revenue ...AnswerGood question.  Technically, the CRA has the right to enforce a rule that was put in place years ago: that in order to qualify for the HST Rebate, the name on the original purchase agreement and the ...

HST implications for new construction summer home purchased in Muskoka

By Verona WyvernJuly 29, 20150 comments

I purchased a summer home in Muskoka and it is now in construction.  I ha​d signed the Purchase Agreement back in 2013 with a clause stating that it would be my primary residence, however, it will ...AnswerHi Verona, we would strongly advise you to correct the affidavit you signed with the builder, letting them know that it will not be your primary residence.     If a new construction property ...

Getting a loan for HST amount due on closing for new Toronto condo

By Phillis Yuan PhDJuly 29, 20150 comments

Hi there, I went to my bank but they said they cannot give me a line of credit to pay the HST that I will owe on my condo. Are there any private lenders who can loan me the HST amount before I get my ...AnswerHi Phillis,    Yes, the major banks in Canada have a mandate not to lend for tax related purposes, which is why they will not give you a line of credit to pay the HST due upon closing of your ...

What is the eligibility criteria for the Ontario HST New Home Rebate?

By RealEstateDudeJuly 28, 20150 comments

I have heard that in addition to the rental rebate for condo investors, that there are other ways that purchasers of new properties and homes in Ontario may be eligible for thousands of dollars in HST ...Answer You may be eligible for the Ontario HST rebate if you have done any of the following within the province:   - purchased a new construction home from a builder or vendor - purchased a new construction ...

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