CALCULATING SALES TAX ONTARIO
Claiming Canada’s New Residential Rental Property, explaining the difference between GST and HST. How to calculate how much rebate money you can get back from Canada!
You might be eligible for up to $30,000 in GST/HST rebate, wouldn’t you take it?
Property owners who purchased a newly developed home or condominium are eligible to receive up to $30,000 in GST/HST rebate.
In order to be eligible for this GST/HST rebate there are few criteria the purchaser and property have to comply with.
Note! Purchasers can claim the rebate within 2 (Two) years from final closing, registration, of the property. Don’t wait contact us to find our if you are eligible 416-222-6175 ext 2026
Check out our calculator to find our how much you can receive and contact us for immediate filing.
The GST/HST amount had to be paid in full by the purchaser.
The purchaser have to lease the property for at least 12 consecutive months within the initial 24 months from registration.
The rebate amount will vary based on the the purchase price, where the critical threshold is $450,000 net of HST.
CRA monitors the property value on the day of registration and should the value of the property appreciated higher than the original purchase price, the rebate amount will be reduced accordingly.
Please note in order to calculate the NET of HST purchase price, the following calculation is to be used:
Purchase price is less than $368,200, Purchase Price / 1.052
Purchase price is less than or equal to $424,850, Purchase Price + 28350 / 1.133
Purchase price is less than or equal to $484,500, Purchase Price + 52530 / 1.193
Purchase price is greater than $484,500, Purchase Price + 24000 / 1.13
Our accounting staff will require to following to start filing your rebate:
- Copy of your agreement of purchase and sale.
- Copy of your lease agreement.
- Copy of your final statement of adjustment provided to you by your lawyer on final closing.
- Copy of your deed/transfer