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How much HST do you pay on a new home in Caledonia?

916.jpgBy DDMunk0 comments
I bought a new home in Caledonia, Ontario from a developer called Empire.  It won't be closing for a while, but I want to be prepared with how much HST I will owe on closing.  How much HST ...AnswerGood question.  The amount of HST due on closing is a portion of the total HST - some is included on the sticker price you sign with the builder and some is due on closing.  These calculations are ...

Built a new home - is there an HST rebate?

My dad build a new home on a piece of land that my grandparents own.  Is there any sort of HST rebate for this type of new home?AnswerYes, there is.  This is a version of the substantial renovation rebate. Our company, HST Relief, puts together these filings for clients like your father.  The maximum rebate you can receive ...

FILING A HST REBATE

916.jpgBy DDMunk0 comments
I paid HST on the new build condo I bought in the Greater Toronto Area.  how do I file for a HST Rebate?  I believe I can get some of this money back.AnswerYes, if you are renting our your new condo, then you will owe a portion of HST on final closing when the building registers.  Keep in mind, you will also owe other money in closing costs such as: ...

IS HST deductible on a new home or condo purchase in Ontario?

827.jpgBy RobyaC0 comments
Hi,   My question is - for a new home purchase, is there a tax deductible that we can use that reduces the amount we have to pay?  I know there is HST due on this transaction.  How ...AnswerGood question.  The answer is yes, there is something called the HST New Housing Rebate and other HST rebate programs for new construction real estate, that depend on how you are using the new construction ...

Do banks finance HST for investment properties in Canada?

By Peter Wang0 comments
I bought a new construction condo in North York and I am getting ready for the building's registration.  I am wondering, which banks will help me finance the HST to close the property?  I have ...AnswerThat's right - the major banks are mandated not to lend for tax related reasons.  So, they will not help you with your closing costs for HST.  Our company will lend the rebate portion of the ...

When do I pay the HST on a new home?

By ClintFMan0 comments
I bought a new home.  When should I be prepared to pay the HST due?  And, will it be the full 13% at once?AnswerGood question.  First, if you bought a new construction home from a builder and will be using it as your primary residence, then you will not owe any additional tax.  This is because the HST ...

What is HST on new builds?

My question is exactly that - what is HST on new builds?AnswerIn July 2010, when the Ontario government introduced HST, the tax started being applied to new construction real estate.  The bottom line is this - if you purchase new construction as an investment, ...

Are you eligible for a HST rebate when you buy a condo?

691.jpgBy ASelma19740 comments
I am thinking of buying an investment condo that is new, off plans, from a builder.  When you purchase from a builder, are you eligible for a rebate in HST because you bought a new condo?AnswerYes.  What will happen if you purchase this off plans from a builder is that a portion of the 13% HST will be built into the purchase price (the exact amount depends on the purchase price itself) ...

Can I get a government rebate for HST on my property investment?

179.jpgBy SusanLi0 comments
How do I know if I am eligible to get a government HST rebate on an property investment that I have purchased? I bought a condo in 2011 for $320,000 in Toronto. AnswerYes, when you purchase new construction from a builder you are eligible for the HST rebate. If you use it as a primary residence, then the rebate amount will be credited to you by the builder on closing, ...

How much is HST for closing a condo?

827.jpgBy RobyaC0 comments
How much should I expect in HST due in order to close my condo?  Do I pay CRA with my income tax that year?AnswerHST is applied to all new construction purchases from a builder.  A portion of the HST is built into the purchase price and a portion is due upon final closing. The portion due on closing is the HST ...

Is there HST on an income property?

By JackJoe0 comments
Is there always HST on an income property purchase?AnswerThere is always HST when you purchase brand new construction from a builder.  In this case, there is HST due on closing if you are not using the property as your primary residence.  In essence, ...

HST rebate on construction

Are there HST rebates offered on all new construction?AnswerGood question.   If you have paid HST on the closing of a new home, townhouse or new condo purchased from a builder, you may be eligible for a HST rebate p to $29,000.  You may also be eligible ...

Is HST included in the purchase of a new house in Ontario?

By ClintFMan0 comments
I need to know if HST is included in the new house I purchased.  How do I know how much HST I will have to pay on closing?AnswerGood question.  HST is only applied to new construction, not to resale properties.  A portion of the 13% in HST is included in the purchase agreement that you signed with the builder, and the ...

Can you finance closing costs for an investment property?

827.jpgBy RobyaC0 comments
Hi,   Is it possible to get financing for the closing costs on my investment property?  Including HST, there will be many expenses.  I don't know if I can afford to close the condo. &nb ...AnswerGood question.   Our company offers loans for the HST portion due on a new construction home, townhome or condo closing.  So, if you only have a limited amount of funds for closing costs, use ...

HST on new homes in Ontario

691.jpgBy ASelma19740 comments
Can someone explain to me how HST is applied to new homes in Ontario?  We bought a new home, but I am unsure who is responsible for the HST - the builder or the purchaser?AnswerSince 2010, HST is applied to all new construction real estate transactions but NOT resale transactions.   A portion of the HST is included in the Purchase Agreement that the purchaser signs ...

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