GST/HST new housing rebate

This is not new. Is largely priced in. Is increasingly irrelevant as it phaese out below the prices of most homes in many markets.

Piklishi wrote: ↑ What will this rebate bring?
Higher prices or Lower, is the Gov giving more freebies to save the builders? Something doesn't sound right.

This has been in existence for many years, and changes nothing. Almost every unit sold in Ontario (can’t speak for other provinces) has the rebate included in the price.

fogetmylogin wrote: ↑ Is increasingly irrelevant as it phaese out below the prices of most homes in many markets.

For the federal portion yes.
The provincial rebates work differently, there is no price limit in Ontario, but yes a $24K rebate on a $3M home is more like a rounding error, but makes a difference on a $500K home.

If you buy a new construction home, the GST/HST New Housing Rebate is built into the sticker price, and if you move into your home once it is built, it will remain that way.

However, if you buy a new build, and you rent it out, then on final closing, the GST/HST New Housing Rebate will be added to the purchase price, and you will have to apply to Canada Revenue Agency to receive back the rebate. You need to make sure that you meet the criteria for the rebate application.

If you buy a new build on assignment, then most builders will require that you pay the GST/HST New Housing Rebate amount on closing, and apply to Canada Revenue Agency for the rebate, even if you intend to live in the unit.

If u buy a home for 760000(price includes gst) for investment purposes on a new home, after adding 24000 and multiplying 13% I get an HST total of 90000... do I have to pay that number at closing to the builder?

If u buy a home for 760000(price includes gst) for investment purposes on a new home, after adding 24000 and multiplying 13% I get an HST total of 90000... do I have to pay that number at closing to the builder?

juve4lfe wrote: ↑ If u buy a home for 760000(price includes gst) for investment purposes on a new home, after adding 24000 and multiplying 13% I get an HST total of 90000... do I have to pay that number at closing to the builder?

No.
You pay $784K and if you meet the conditions (ei 1 year lease in place) you can apply for the rebate from cra and get the $24K back, your net result is still $760K but you are out of pocket $24K until you get the rebate back.

senasena wrote: ↑ No.
You pay $784K and if you meet the conditions (ei 1 year lease in place) you can apply for the rebate from cra and get the $24K back, your net result is still $760K but you are out of pocket $24K until you get the rebate back.

So when I get a mortgage...is it based on 760000 or 784000 purchase price? Do I give an extra 24000 as a closing cost to the builder?

juve4lfe wrote: ↑ So when I get a mortgage...is it based on 760000 or 784000 purchase price? Do I give an extra 24000 as a closing cost to the builder?

784k - You apply for it after final closing.

I bought assignment sale for primary resident as a first time home buyer and had to pay HST along with other closing cost to builder, but I got full 24k back from CRA within a month after I applied.

hasbeenkid wrote: ↑ 784k - You apply for it after final closing.

I bought assignment sale for primary resident as a first time home buyer and had to pay HST along with other closing cost to builder, but I got full 24k back from CRA within a month after I applied.

Ok thanks

hasbeenkid wrote: ↑ 784k - You apply for it after final closing.

I bought assignment sale for primary resident as a first time home buyer and had to pay HST along with other closing cost to builder, but I got full 24k back from CRA within a month after I applied.

just wondering how you get the full $24K back .. the CRA website says if the purchase price is over $450K you can only get partial? am i missing something?

vuitton wrote: ↑ just wondering how you get the full $24K back .. the CRA website says if the purchase price is over $450K you can only get partial? am i missing something?

I think mine was calculated based on original purchase price which was around 320,000, not the assignment sale price i paid.

If I bought an. old house, knocked it down, rebuilt it with the help of a builder and am living in it up to now, am I eligible for this rebate?Thanks

leafsnation98765 wrote: ↑ If I bought an. old house, knocked it down, rebuilt it with the help of a builder and am living in it up to now, am I eligible for this rebate?Thanks

It depends on the situation. I have had success helping clients obtain the rebate when they have built a house that they are living in.

TorontoHSTRebates wrote: ↑ It depends on the situation. I have had success helping clients obtain the rebate when they have built a house that they are living in.

Can you elaborate?

leafsnation98765 wrote: ↑ If I bought an. old house, knocked it down, rebuilt it with the help of a builder and am living in it up to now, am I eligible for this rebate?Thanks

'

can anyone elaborate on this?

leafsnation98765 wrote: ↑ '

can anyone elaborate on this?

That depends on the province, in ON you can get up to $16K.

https://www.canada.ca/en/revenue-agency ... ml#nhrfobh

The maximum Ontario new housing rebate amount for owner-built houses depends on whether you paid the HST on your purchase of the land. The rebate is limited to a maximum of $24,000 if you paid the HST on the purchase of the land, and $16,080 if you did not.

Not sure about other provinces.

senasena wrote: ↑ That depends on the province, in ON you can get up to $16K.

https://www.canada.ca/en/revenue-agency ... ml#nhrfobh

The maximum Ontario new housing rebate amount for owner-built houses depends on whether you paid the HST on your purchase of the land. The rebate is limited to a maximum of $24,000 if you paid the HST on the purchase of the land, and $16,080 if you did not.

Not sure about other provinces.

The application is confusing. Part C only lets you choose: you buy house and land from the same builder, Or a mobile home, buy a share if the capital stock of a coop, or buy the land from a builder and lease the land. What if I bought the land from a seller not the builder? Then I can't proceed with the application.

Also for part F, it says if your. house purchase was 450k or more (what house isn't 450k in Toronto?), you aren't eligible for the rebate.

Thanks!

leafsnation98765 wrote: ↑ The application is confusing. Part C only lets you choose: you buy house and land from the same builder, Or a mobile home, buy a share if the capital stock of a coop, or buy the land from a builder and lease the land. What if I bought the land from a seller not the builder? Then I can't proceed with the application.

Also for part F, it says if your. house purchase was 450k or more (what house isn't 450k in Toronto?), you aren't eligible for the rebate.

Thanks!

There are two parts of the hst rebate, federal and provincial for Ontario.

Federal - you don't qualify because there is a threshold of $450K.
Ontario - you qualify because for Ontario there is not max for the value of the house, it doesn't matter if it's valued $1M or $10M you still get $16K.
Yes you can get rebate for the provincial part of the hst for a house built on your own land (I have done it).

If the forms are confusing it may be worth hiring someone who knows what to do to file it properly.