How To Avail GST/HST Refund For A Completely Renovated Home Or Condominium?

  • January 25, 2017
You may be entitled to claim the GST/HST new housing rebate if you: Substantially renovated your existing house; Built a major addition onto your existing house if, along with that addition, you also renovated the house. Substantial renovation If a house has been substantially renovated, it is generally treated as a newly built house. However, major changes have to be made to meet the definition of a substantial renovation e.g. the interior of a building is essentially gutted. Generally, 90% or more of the interior of an existing house is the minimum that has to be removed or replaced to...
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Does A House Or Condominium Purchased For The Purpose Of Renting, Qualify For GST/HST Refund?

  • January 20, 2017
You may be eligible to claim the New Residential Rental Property (NRRP) rebate if you: Paid the GST/HST on the purchase of a newly constructed or substantially renovated residential complex or an interest in the complex and you lease the complex or units in the complex to another person for residential use by an individual; Are a builder and you paid or accounted for the GST/HST on the self-supply of a residential complex or an addition to a multiple unit residential complex that you lease to another person for residential use by an individual; Are a builder and you paid...
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Which Canadian Provinces Have HST?

  • January 15, 2017
The HST is in effect in five of the ten Canadian provinces: New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario and Prince Edward Island. The HST is collected by the Canada Revenue Agency (CRA), which remits the appropriate amounts to the participating provinces. The HST may differ across these five provinces, as each province sets its own PST rates within the HST. In provinces and territories which have not enacted the HST, the CRA collects only the 5% goods and services tax. The current provincial rates: New Brunswick  - 15% Newfoundland - 15% Nova Scotia - 13% PEI - 15%
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Difference between GST and HST

  • January 10, 2017
The GST/HST is a value added tax that applies to most supplies of goods and services in Canada.  GST/HST is paid on goods or services acquired, imported into Canada, or brought into a participating province for use, consumption, or supply in the course of their commercial or personal activities. GST/HST is applied on daily purchases, business transactions, and covers most facets of every day purchases in Canada. Canada imposes a 5% federal goods and services tax (GST) on taxable supplies made in Canada. Most provinces also have or had a provincial sales tax.  Four provinces eliminated their provincial sales tax and...
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What does the HST Rebate mean for home or condo purchases from a builder?

  • December 25, 2016
The new housing rebate is available to individuals who bought a new house or condominium to recover a part of the goods and services tax (GST) or the federal part of the harmonized sales tax (HST) paid on the purchase price. For purposes of the rebate, a condominium unit e.g. an apartment unit or townhouse is a unit for use as a place of residence that is a bounded space in a building designated or described as a separate unit on a registered condominium or strata lot plan or description. The house or condominium should be the primary place of...
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What is the HST in Ontario?

  • December 20, 2016
The Ontario Harmonized Sales Tax (HST) includes the 8% Ontario sales tax and the 5% GST which were combined into a single 13% value-added sales tax that is federally administered, effective July 1, 2010. Consumers now have to pay 13% HST on all goods and services on which they previously paid 5% GST, except for several items which were previously exempt and are not subject to the provincial portion of the HST.  The following are some made-in-Ontario components: Books, children's clothing and footwear, diapers, children's car seats and car booster seats, and feminine hygiene products are exempt from the 8%...
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What is the GST HST credit?

  • December 18, 2016
GST/HST rebates are available from the Canadian government if you buy a new home, undergo substantial renovationsto your home or become the landlord of a new rental property.  Eligibility for each of these purchases is different depending on the province. These rebates allow you to recover a part of the goods and services tax (GST) or the federal part of the harmonized sales tax (HST) that you paid on the purchase price. An additional rebate may be available if your house is located in select provinces. You can apply for the rebate after the house or condominium is occupied. The...
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What is the GST/HST Credit and How Do I Qualify?

  • December 14, 2016
If you purchased a newly built home to use as your primary residence, you can claim a rebate for goods and services tax/harmonized sales tax paid on the purchase. To qualify, the home must be worth less than $450,000, and you must own the land or have at least a 20-year lease with an option to buy. If you do not own the land, its estimated value is added to your home's value when determining your eligibility for the rebate. When you buy your home, the builder may pass this rebate to you directly by lowering the price of the...
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Important Facets You Should Know About Government HST Rebate Programs for Homeowners

  • March 17, 2016
Canada Revenue Agency provides numerous Guides to outline important facets of HST rebate programs. The new housing rebate is only available to individuals who meet all the conditions outlined in the Guides.The definitions of a house, relation and principal residence
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Important Facets You Should Know About Government HST Rebate Programs for Homeowners

  • March 17, 2016
Canada Revenue Agency provides numerous Guides to outline important facets of HST rebate programs. The new housing rebate is only available to individuals who meet all the conditions outlined in the Guides.The definitions of a house, relation and principal residence
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