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My HST and condo closing with CRA

Quick note to say thank you for the help closing my condo.  HST Relief helped me to navigate the minefield that is CRA's new initiative to audit investors who have purchased condos re: the recent condo boom in Toronto.  I mostly practice real estate in the suburbs and ...

HST rebate for house in Richmond Hill

Bill again here,   One of my clients bought a preconstruction home for 1.1M in Richmond Hill off plans from a builder.  I saw online that they are not eligible for a HST Rebate.  Can you ...AnswerHi Bill,   The Purchase Agreement for pre-construction houses or condos bought from developer will outline how the builder intends to handle the HST.  The usual case is this:  the builder ...

HST on new housing I have purchased

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 ...AnswerYes, 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 there HST on resale real estate purchases?

317.jpgBy John.Davis0 comments
Hello - I am thinking of buying a house on my street in Etobicoke as an investment property.  How much HST will I owe if I make this an investment rental property?  Thanks.   AnswerSince July 2010, HST has been applied to the sale of NEW residential housing and condos.  HST does not apply to resale properties.  In the case that you are looking to purchase a resale house ...

Can I get the HST I paid on my condo back?

By MichaelMeason0 comments
I bought a condo from a builder and paid HST in September 2014.  Are there any rebates so that I can get this money back? I was charged about $21,000. AnswerHi Michael,   Yes, you may file through the New Residential Rental Property Rebate program to reclaim the portion of HST that you paid on closing.  You need a 1 year lease with a tenant and you ...

Educating investors about HST on new construction

I am a realtor working in the West end of the city where there are many new construction projects for sale.  I am finding that there is little knowledge about how HST works but yet, my clients are ...AnswerHi Joan,   It's true that the ability to afford new construction investments can be hindered by the thousands of dollars that investors have to come up with on closing to cover the HST.  If an ...

When do you pay HST on new properties?

188.jpgBy PHatrick0 comments
My buddy and I both bought condos from the same developer.  We close this week - however, I am being charged HST and he is not. Also, it's not the full13%.  Can someone please explain t ...AnswerFirst, HST is charged on all new construction properties that are purchased from a builder or developer but not on resale properties.  A portion of the HST is built into the purchase price ...

Understanding HST before I buy a new condo

188.jpgBy PHatrick0 comments
I have been looking at some Tridel units that are for sale preconstruction.  Before I purchase anything, I want to know what (and why) I'll owe in HST.  The unit I have my eye on is listed fromt ...AnswerHST in Ontario is applied to new construction purchases from a developer or builder.  HST does not apply to resale real estate purchases.   When signing a purchase agreement, there is a portion ...

HST when purchasing for family?

By Peter Wang0 comments
Hi, I want to buy a new unit from Tridel for my son to live in when he comes to University in Toronto.  Will I owe any HST? AnswerHi Peter,   If you are purchasing a new construction condo for your son to live in, then no, you will not owe any HST on final closing.  HST is not charged on final closing when the purchaser or ...

How much is HST?

188.jpgBy PHatrick0 comments
Hi there, I have a condo in Toronto closing in early December - purchase price was $304,499.  Can someone please tell me how much I need for closing.  My lawyer keeps giving me ball-park ...AnswerIf you are using the new condo for anything other than your primary residence, you will owe $22,573.22 on closing in HST.  This is the reabate-able portion of HST, which means that you will be able ...

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