Essentially, the vendor is lending the buyer money knowing they will be paid back when they buyer's HST new housing refund is issued.
It is also possible to obtain a federal rebate of up to 6,000.
In real estate markets such as Toronto and Ottawa that have a significant amount of home buyers that are new to the country, many people buying or looking to buy are unaware of the new condo HST rebate.
A buyer must have bought the property with the intention of using it as their primary residence or the primary residence of a close relative.
Guides, Forms, and Applications From Canada Revenue Agency.Bought a new home or condo lately and did not give the vendor rights to your HST rebate?At 450,000 the rebate ends.Our HST new home rebate service applies to everyone in Ontario provided they did not assign their new housing rebate (NHR) to the home builder.
Factors to be considered are 1) the addition should at least double the floor space of the existing home before the renovation, 2) the existing home must change physically,.
It is possible to buy a new condo in downtown Toronto with the idea of living it, but then something in your life changes and you end up selling it very soon after taking possession.
As for deadlines, you can file for the rebate generally within two years following the substantial completion of the building or renovation of your house.Print all of the following forms: For the Ontario new housing rebate: RC7191-ON.In that case, the buyer does not have to submit an application directly to Canada Revenue Agency.Usually (not always) 75 of PST and around 36 of GST.Calculating Federal trip giveaway rules Part GST: There is a rebate of 36 percent of the federal portion of the HST if the home costs 350,000 or less.