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Hst rebate! Condo fees include hst?

Vera

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Hi guys,

Could you help me with my questions?

I am planning on buying condo at warden and st clair. The prices I was given included only GST (as the sales person said). It doesnt make sense to me why would condo price would include GST only? Do they want me to give the builder right to apply for HST rebate on my behalf in return for the builder to credit me for HST (and actually have HST included in condo price already?) I am confused and feel something doesnt seem right.

Please help me with your advise!
 

Willy Wong

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Vera,

Everyone pays GST/HST on goods and services we purchase. The builders/merchants collect GST/HST on behalf of the government and remit to the government.

GST/HST is "included" in the purchase price of NEW condo's and homes to "keep it simple" and then the builder sends GST/HST amount to the government.

Depending on the price of your condo purchase you maybe entitled to a tax rebate.

http://www.rev.gov.on.ca/en/taxchange/homebuyers_facts.html

Hope this helps.
 

UrbanVigor

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I've been confused or simply unsure of one thing.

I purchased a pre-con condo in December 2009 which will close in 2012. The pricing included GST. At closing, will I have to pay the PST portion of the HST?
 

UrbanVigor

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Thanks.

But still confusing as to what will take place. What can I expect at closing? For a condo under $400K, I'll be charged 2% HST but the developer will pass on the 2% savings previously included in pricing? Thereby, net $0 HST?
 

Willy Wong

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UrbanVigor,

I would suggest you seek "expert" advice on your matter. I would talk to your lawyer or the developer.
 

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