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Putting a condo in a family member's name and HST due on closing to CRA

I am in the process of completing a sale for a new condo in the financial district of Toronto and my clients have a question about how HST will be applied to this purchase.  My client lives in Dubai ...AnswerGreat question.  You do not have to be Canadian nor have a SIN number or reside in Canada to qualify for the HST Rebate on a new condo.  So, you are free to put the condo in your clients name ...

Help with HST on new construction

By WillD780 comments
I am the broker of record at a major real estate office in North Markham.  Many of my agents are unsure about how HST applied to real estate will impact their clients and I believe they should ...AnswerGive us a shout at HST Relief - we often schedule presentations in real estate offices to explain how HST is applied to new construction.  There are many considerations for your clients and many ...

HST Rebates and expensive homes over 1 million in the Greater Toronto Area

By ElaineB0 comments
My father-in-law bought a preconstruction house for 1.5M in Richmond Hill.  He think he may not live there but instead rent it and use it soley as an investment.  However, we heard that properties ...AnswerIt's not true that properties over 1M do not qualify for any HST rebate.  It is true that at the mark over 450k, houses no longer are eligible for the Federal portion of the HST in rebate form.  ...

How many HST rebates can I get from CRA?

631.jpgBy LeslieL2010 comments
Say I were to buy 3 investment properties and they all closed within a short time of each other, is there a limited number of HST rebates I can apply for through CRA?AnswerHi Leslie,   If you qualify for the HST Rebate (e.g., you have a 1 year lease for the new residential rental rebate program), then you can get your HST rebate back for every investment condo or preconstruction ...

Do I file for my HST Rebate when I file my taxes?

636.jpgBy Kate<3Kats0 comments
For the HST rebate on my new condo, do I have to wait until the end of the year to file my taxes like I do for income taxes?AnswerNo, you can file for your HST rebate the day after you close on your new construction property, pending you are eligible.  For example, you must have a lease in place with a tenant in order to apply ...

How does HST work across the suburbs and in the Greater Toronto Area

634.jpgBy MikeSacco0 comments
My buddy purchased a preconstruction condo in downtown Toronto and has been talking about getting together extra cash to cover the HST that will be due on closing.  My question is this - do I have ...AnswerGood question.  It seems that HST if often talked about in the context of new condos, since they make up the bulk of new build properties sold as preconstruction to investors.  However, HST is ...

Exactly how much HST will I have to pay for my condo closing?

By AnonymousRichard0 comments
I have a condo that I purchased at High Park Residence by Daniels on Bloor Street West.  I got a great deal and paid 289,500 for it (small condo, yes!).  I guess I should start looking into how ...AnswerExactly how much HST is already covered in your sticker price on the Purchase Agreement and how much will be due on closing if it's not used as a primary residence, depends on the builder.  The terms ...

When do you pay HST for my new condo?

634.jpgBy MikeSacco0 comments
Hi,   I am looking at my Purchase Agreement for a new condo I purchased at Ocean Club Waterfront downtown Toronto.  It looks like there is HST built into the purchase price.  That means ...AnswerA portion of the HST is built into the price that you sign for on the Agreement of Purchase and Sale and a portion is due on closing.  The portion that is due on closing is the HST rebate amount, ...
What is Mortgage Insurance in Canada

What is Mortgage Insurance in Canada?

My son is buying his first property and we were hoping that you could explain why he needs mortgage insurance?  What is it and how will it affect his new house purchase?AnswerMortgage insurance refers to an insurance policy that covers the lender of the mortgage to reimburse them for any losses due to the purchaser defaulting on the mortgage payments.  It is mandatory ...

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