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HST Rebates and renting on AirBnB

317.jpgBy John.DavisQ&A0 comments
I rent my property on AirBnB.  It's entering it's final closing and the building will register in a couple months.  I see the requirements are a 1 year lease to file for the HST Rebate.  ...AnswerHi John,   As AirBnB continues to grow in popularity, this is a common question we get.  No, you cannot use AirBnB as part of your filing for the New Residential Rental Rebate to recover the ...

Calculating the HST amount due on closing

Hi there -  Can you let me know how much my client will owe in HST?  The new build, investment unit was purchased at $650,000.AnswerIf the client is purchasing the new construction to be used for anything other than a primary residence, then yes, the client will owe a portion of the HST due upon closing.  The amount due is weighted ...

Does HST on new real estate apply outside of Toronto?

By MichaelMeason0 comments
Hi, I am actually thinking of buying a preconstruction investment outside of the GTA near Barrie.  Will I have to worry about HST up there, or only if I was purchasing in Toronto?AnswerHi Michael,   HST is applied to all new construction real estate purchased throughout Ontario.  Whether you purchase in Toronto, the GTA or somewhere more remote in Ontario, the same HST ...

How is HST applied to the purchase price of new construction?

By JackJoe0 comments
There are a few units that I am thinking of buying.  How does the amount of HST that I have to pay differ if I buy a place in the range of $280,000 versus $450,000?AnswerHi there,   It's not a simple equation to figure out how much HST you will owe depending on the purchase price of your new condo, but it is generally weighted based on the purchase price.  First, ...

Understading HST on the Statement of Adjustments

188.jpgBy PHatrick0 comments
I just closed on a new construction investment property and paid over $24,000.  My statement of adjustments from the lawyer actually says on it " Not eligible for the HST New Housing Rebate".  ...AnswerStatements of Adjustments differ in format, language and terminology used based on whomever the builder's solicitor was who prepared it. I have seen many Statements of Adjustment that are quite cryptic ...

Understanding the HST in the puchase of new condo

Hello,   I am posting here because I am new to the real estate investing world and have some questions.  I am considering a preconstruction condo in downtown Toronto, but I do not fully understand ...AnswerHow HST and the HST Rebate work for preconstruction condos is split into 2 scenarios in Ontario:   1. If you buy the preconstruction property and will use it as a primary residence, the builder credits ...
HST Relief Staff at Tridel Sales Presentation

HST Relief Staff at Tridel Sales Presentation

By HST Relief0 comments
HST Relief staff visited a Tridel presentation featuring 3 new developments in Toronto last month.  HST Relief: Rebates & Loans is dedicated to helping condo investors continue to buy profitable preconstruction in Ontario by offering consultation, rebate and loan services. ...

Rebate for HST paid

Hi, my son has paid the HST on a property that he shouldn't have because he is using it as a primary residence. Essentially, the scenario is that by the time it came down to closing, the builder said they ...AnswerHi Susan,   Sorry to hear that the builder did not believe you.  The builders are also audited for HST and are getting more and more careful about who they will cover the HST Rebate for.  ...

HST on new homes, resale and rental properties

By AlbertChin720 comments
I appreciate the information on this forum, very helpful.  Can you explain generally how HST affects home buyers in Toronto and Ontario?  Thanks.Answer Generally, here is the key information everyone should understand on how HST affects real estate:   HST came into effect on July 1st 2010.  HST is not applicable to the purchase of a resale ...

What is the exact amount I will owe in HST?

Hello - I have been quoted a variety of ranges in HST that will be due on my investment condo closing at Yonge and Eglinton.  My agreement of purchase and sale says $421,645 CAD.  How much will ...AnswerIf your APS that you signed when you purchased this condo as preconstruction says the purchase price is $421,645.00, the amount of HST that you will owe on closing is: 27,319.25.  Notice that this ...

HST rebate eligibility for my Toronto condo that closed last year

By AshleyHST Rebates0 comments
I purchased a condo in the downtown core of Toronto a while back and it closed in July 2014.  On closing, I paid a huge amount in HST because the condo is an investment property and I rent it out ...AnswerYes, you are still eligible for the HST rebate to recover the amount of HST you paid on closing in July 2014.  You have 2 years from the final closing date to submit your rebate filing to CRA.   ...

How much HST will I owe for my investment rental property?

Thanks for all your reading online.  I have purchased an investment condo in downtown Toronto and I close on it later this fall.  The purchase price on my Purchase Agreement is $385,450.  How ...AnswerIf you are using your new condo for anything other than your primary residence, you will owe approximately $28,600 in HST on your final closing date.  The good news is that if you have a 1 year lease ...

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