HST Rebate on New Condo Purchase: Residence vs. Rental

hst

HST rebates are available to purchasers of new condominiums.  If you are purchasing the unit to occupy it yourself, the rebate can be credited to you immediately on closing.  This provides an added incentive to home buyers to purchase new construction as they don’t need to pay the full tax and claim the rebate afterwards.

 

There is a popular misconception these same rebates don’t apply if you are purchasing the property for investment purposes.  This is false – the same rebates are available to investors purchasing new condominium units, the difference being that they have to pay the full tax on closing and claim the rebate afterwards.  Certain conditions have to be met in order to qualify for these rebates (whether you purchasing it for your own use or as an investment), so be sure to consult with your lawyer and accountant to ensure that the rebates will apply to you.

-written by: Andre Munroe

 

Andre MunroeAndre Munroe is the official lawyer of Ottawa Condo Network. He specializes in condominium sales and purchases under the local law firm Kelly Santini. Click here to read his bio or to contact him directly.

 

 

 

 

Leave a Comment

Your email address will not be published. Required fields are marked *