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Rules for HST outside of Toronto - HST for Oakville development

318.jpgBy PattyNikolic80Q&A1 comments
Thanks for all the information on your site.  I have purchased a newly built townhome in Oakville, Ontario from a developer and it closes next week.  I will not live in the townhome, but instead ...AnswerHi Patty,  Yes.  The same rules for HST apply to your newly built investment townhome in Oakville as they would to any new development in downtown Toronto or across Ontario, for that matter. ...

HST for primary residence converted into a rental property

By Peter WangQ&A0 comments
I closed on a condo last year that I claimed that I moved into as my primary residence.  When my real estate lawyer was told to inform the builder of my intention for the property, I said it was my ...AnswerHi Peter,   Yes, there are quite a few implications for your situation.  Firstly, CRA is aware that about 70% of primary residence claims for new build condos are false.  So, they have an ...

Toronto condo developers to go China - What happens with HST for these foreign investors

Hi there  - I am an agent working in preconstruction condo sales.  I just read this article in the Globe & Mail:   Read the article here.   about sales of Toronto condos happening ...AnswerYes, foreign investors qualify for the HST Rebate assuming they have a 1 year lease in place with a renter.  Foreign investors do not need to live in Canada, be a citizen nor have a SIN number to ...

To Qualify for an HST Home Rebate?

By AlbertChin720 comments
How will I know if I qualify for an HST rebate?  Also, what does the HST rebate amount depend on?AnswerHi Albert - these are common questions with complex answers.   CRA has specific criteria for determining if you are eligible for an HST Rebate.  For starters, you need to be a real estate ...

File an HST Rebate

When do I have to file for an HST Rebate?   I have read that there is potential to claim back over $24,000 in a HST housing rebate from the CRA, so it's a deadline I do not want to miss.  I am ...AnswerYes, you are potentially eligible for an HST Rebate if you meet one of the following criteria:    1. You have purchased a new build construction home or condo and are using it as your primary ...
HST and Rental Investment Property

HST & Rental Investment Property

By HST ReliefReal Estate Market Updates0 comments
Here is a brief outline of the HST implications with respect to purchases of new residential housing for residential rental investment:   1. The purchase price of new homes and condos is typically provided based on residential, owner occupied status.  The builder assumes ...

Do I owe HST if my family member and I move in together?

303.jpgBy CindyCane0 comments
I am closing on one of the Westlake condos in Toronto soon.  My great aunt and I are both on title and she is the co-signor for my mortgage.  The builder is hesitant to authorize the HST New ...AnswerHi Cindy,   No.  You do not owe a portion of HST on closing.  Have your real estate lawyer contact the builder directly to adjust the Statement of Adjustments and explain the scenario.  The ...

My HST rebate was denied - help!

By Peter WangQ&A0 comments
Hello,  I submitted my HST Rebate papers and supporting documents including my 6 month lease agreement to CRA about 4 months ago.  This was just after my investment condo closed in my name.  I ...AnswerYour rebate may have been rejected for a number of reasons - CRA reserves the right to deny or reject HST rebates if there are errors or misinformation in the forms that you submitted or if the application ...
Does the HST loan affect my mortgage

Does the HST loan affect my mortgage?

201.jpgBy AAshtonHST Loans1 comments
Hello,    I have bought an investment condo in Toronto which is in the occupancy phase.  My question is: Will the HST loan affect my ability to qualify for the property's mort ...AnswerNo, the HST loan will not affect your mortgage.  We will ensure that you get your mortgage approved prior to applying for the HST Loan.  We have mortgage professionals on staff, if you need ...

Do I have to pay HST if I bought an investment condo in my holding company's name?

Hi - I am an agent.  I was told that I will not have to pay HST on my investment condo because we bought it in the company name, our holding company.  How do I ensure that I am not charged H ...AnswerHi Joan,   This is incorrect information.  Whether you buy an investment condo in a holding company's name or in your personal name, you will owe HST on closing.  Using the condo as the ...
Should I flip my condo on assignment to avoid having to pay HST on final closing

Should I flip my condo on assignment to avoid having to pay HST on final closing?

197.jpgBy AlekTrotter0 comments
I am concerned that I cannot afford to pay the HST that will be due on closing for my preconstruction investment condo purchased at Westlake.  My real estate agent has suggested that I sell on assignment ...AnswerIt is not true that you will avoid owing and having to pay HST on a new investment condo if you sell the new construction property on assignment.  There are 3 major issues to completely understand ...

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