Real Estate

New residential rental property rebate

  • Last Updated:
  • Feb 20th, 2020 10:08 am
[OP]
Newbie
Sep 1, 2005
96 posts
6 upvotes

New residential rental property rebate

Hello Everyone,
Here is what happened.
Booked Condo in 2012 -- $372K
Closing 2019 - Paid $5458.55 as Federal Portion for HST

Now CRA says that the fair value has gone above 450K so i will not get any Federal portion back.

Any thoughts.

Thanks
7 replies
Sr. Member
Feb 19, 2019
595 posts
596 upvotes
Stouffville ON
Unfortunately you are out of luck, it is based on the market value not the cost.
https://www.canada.ca/en/revenue-agency ... P314_27869
Section D – Rebate calculation
If the fair market value of the house, including the land, is $450,000 or more, do not complete Section D since you are not eligible to claim a GST/HST new housing rebate for some of the GST, or federal part of the HST.
Full Time and Full Service Realtor
Member
Jul 4, 2018
214 posts
147 upvotes
man_Canada wrote: Hello Everyone,
Here is what happened.
Booked Condo in 2012 -- $372K
Closing 2019 - Paid $5458.55 as Federal Portion for HST

Now CRA says that the fair value has gone above 450K so i will not get any Federal portion back.

Any thoughts.

Thanks

It happened to my purchase.
Bought for 340, by The time of closing paid 25k plus as HST
But CRA said they would give only 19k, said current market price is 500.

Then I picked up few sold listings of 500 range and said they are all higher floors, premium upgrades, view premiums and said my condo value may be 420.
Then they gave 21
Jr. Member
User avatar
Aug 11, 2019
128 posts
154 upvotes
Toronto
How long did the entire process take for you?

I’ve spoke to them last week in regard to an application I submitted in December, and they said it’s waiting to be audited and could take 6 months.
Real Estate Agent
GTA & Surrounding Areas
Newbie
Mar 29, 2016
92 posts
79 upvotes
Toronto
Which number do you guys call to follow up with CRA for NRRP rebate?
I've submitted one beginning of January but have not heard any updates yet
[OP]
Newbie
Sep 1, 2005
96 posts
6 upvotes
In my case current listing is for 580K so can't argue that in sep it was less than 450k

Lavaris1 wrote: It happened to my purchase.
Bought for 340, by The time of closing paid 25k plus as HST
But CRA said they would give only 19k, said current market price is 500.

Then I picked up few sold listings of 500 range and said they are all higher floors, premium upgrades, view premiums and said my condo value may be 420.
Then they gave 21
Member
Jul 4, 2018
214 posts
147 upvotes
Dayravi wrote: How long did the entire process take for you?

I’ve spoke to them last week in regard to an application I submitted in December, and they said it’s waiting to be audited and could take 6 months.
Around 5 months
Newbie
Sep 18, 2007
97 posts
3 upvotes
Toronto
same here. bought in 2014, closed in 2019. FMV is over 450k now. so i couldn't get the full amount back.
not only that, but since i signed the leased back program with the builder, i'm consider as self supply, (i.e. builder).
so i might still owe them HST. gosh!!!
anyone have the same situation?
You Might Owe The CRA Thousands Of Dollars!

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