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What to know when buying a pre-construction condo in Toronto

By HST ReliefReal Estate Market Updates Condos & HousesSeptember 9, 20150 comments

Here are some of the most common questions we encounter from clients purchasing pre-construction condos from builders in Toronto:      1. How do builder deposits work?   While in the past, developers have offered great deposit deals such as only 5% down ...

Rules for HST outside of Toronto - HST for Oakville development

By PattyNikolic80Q&ASeptember 9, 20151 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&ASeptember 9, 20150 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 ...

Are HST New Housing Rebates for Rental Investment Properties related to my income tax?

By John.DavisHST RebatesSeptember 9, 20150 comments

Do I have to wait for when I am filing my income tax to file for my HST Rebate for my investment property purchased from a builder?AnswerIf the property that the HST Rebate corresponds to is held in a personal name or a holding company, then your HST rebate can be filed at any point during the fiscal year and has nothing to do with your ...

HST for first time investors and home buyers

By HST ReliefReal Estate Market Updates First Time BuyersSeptember 8, 20150 comments

Often times the purchase of a home or investment property is the largest investment one will make in their lifetime.  So, it's important to understand the critical aspects of the real estate purchasing process, whether your first purchase is going to be your primary residence ...

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

By RealEstateDudeForeign InvestorsSeptember 8, 20150 comments

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 AlbertChin72September 8, 20150 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

By MichaelMeasonHST RebatesSeptember 8, 20150 comments

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 & Rental Investment Property

By HST ReliefReal Estate Market UpdatesSeptember 8, 20150 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?

By CindyCaneSeptember 4, 20150 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&ASeptember 4, 20150 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 ...

Why it is so important for investors to understand HST rules and HST rebates for real estate in Ontario

By HST ReliefReal Estate Market UpdatesSeptember 4, 20150 comments

Don't let a misunderstanding or mistake with HST on your newly built condo or property put your investment at risk!   Background:   Those who purchase a newly built residential property in Ontario qualify for an HST Rebate if: 1) they make this property their principle ...

Does the HST loan affect my mortgage?

By AAshtonHST LoansSeptember 4, 20151 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 ...

Top HST experts in the country - thanks for the help with my investment condo!

By SamSawyerTestimonialsSeptember 4, 20150 comments

Hello - I am a Toronto lawyer who is making this post to express my gratitude for the services offered by HST Relief.  Their staff walked me through ​a couple ​strategies for handling the finances for my new condo that I had purchased a while back and kept me calm through ...

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

By JoanfromREMAXCanadaSeptember 4, 20150 comments

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?

By AlekTrotterSeptember 2, 20150 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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