Condos

Understanding HST on New Condos HST is payable on the full purchase price when buying a new condo in Canada, whereas resale homes usually are exempt. When builders quote a price, they often include this tax in the price you see, so you might not even realize how much of that total comes from HST. Fortunately, with the Condo HST rebate, buyers can recover a good portion of the tax paid, reducing...

Understanding the HST Rebate for New Condos This Ontario HST rebate was created to offset the impact of the Harmonized Sales Tax on new homes and condos. Consumers are often surprised by how much of their money is paid out in taxes on a transaction. The rebate reimburses qualified consumers for part of this cost, which is a nice bonus. Knowing the basics of eligibility, such as whether you plan...

Primary Residence Requirement One of the most frequent reasons the CRA reclaims your rebate is when the home doesn’t meet residency rules. The HST rebate on new condo purchases is intended for people who occupy the property as their primary residence, not as an investment or rental property. If you claim the rebate as a homeowner but later decide to flip or rent out the condo, the CRA...

Getting to Know the HST Rebate in Ontario The Ontario HST rebate allows qualified buyers to recover some of the Harmonized Sales Tax on a new home or condo. Two rebates are available: the provincial Ontario New Housing Rebate and the federal New Housing Rebate. The house must be occupied as the buyer's primary residence or as a rental property for the long term. Simple enough for single...

Incorrect Occupation Type If you’re applying for the HST Rebate in Ontario and you’re not renting the property out, you or an immediate relative must be occupying the property as a primary residence initially. If you plan to flip the property or you have a different address that is your primary place of residence, you may not qualify for the HST Rebate on new condos. To find out...

If you’ve recently purchased a new condo from the builder in Ontario, you may not realize it, but you were probably discounted the HST Rebate in Ontario from your cost directly from the builder. In Ontario, all purchases of goods and services have an additional tax added to them – the Harmonized Sales Tax or HST, which amounts to 13%. This includes the sale of properties or the...

Experience When it comes to taxes and government rebate programs, experience counts a great deal. Because with experience comes expertise and a thorough understanding of the program even as it evolves and changes. The Rebate4U team has been helping property owners successfully apply for the HST rebate on new condos and home renovations for more than 10 years. Success Rate The purpose of...

Rental Agreement & Documentation To apply for the Ontario HST Rebate for residential rental properties, you’ll need a lease agreement for one year upon closing on your purchase. For your application to be considered, a copy of your lease agreement, statement of adjustments, and agreement of purchase and sales must all be submitted to the Canada Revenue Agency. For help selecting the correct...