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Financing, Mortgages and Insurance What options are best for you and your situation?


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  #11  
Old 2006-12-14, 07:17 AM
Craig & Sophie Craig & Sophie is offline
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How long after submission will homeowners receive their cheque?
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  #12  
Old 2006-12-14, 05:18 PM
Visitor6% Visitor6% is offline
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Quote:
Originally Posted by klieu
Line A = Your Purchase Price / 1.0448 (1 + 7% x .64)

Example :

Line A = 300,000 / 1.0448 = 287,136.29
Note: It would only work if "net-GST included" price (i.e. GST New Housing Rebate credited by the builder) is less than $362,777.
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  #13  
Old 2006-12-14, 05:22 PM
Visitor6% Visitor6% is offline
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Quote:
Originally Posted by lilacs
Thank you. I have closed, but not sure which figure to use for the purchase price.....the one on the original purchase and sale agreement OR the one on the statement of adjustments including upgrades and Tarion fee and hydro hookup etc. OR the one on statement of adjustments that is under ""NET CONSIDERATION FOR GST REBATE""...this figure is a couple thousand less than the purcase and sale agreement.

Thanks again.
Diana
"NET CONSIDERATION FOR GST REBATE" would usually be the number to use (in fact it is usually the calculation that klieu proposed unless this amount is above $350K (to be exact: $347,222)).
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  #14  
Old 2006-12-14, 05:29 PM
Visitor6% Visitor6% is offline
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Default Builders saying that the Transitional Rabte belong to them.

It seems that there are some builders that have sent letters to purchasers saying that the GST Transitional Rebate has to be paid back to them based on a "very broad and sweeping GST new housing rebate assignment clauses" contained in most standard purchase and sale agreement.

Anyone had a similar problem (or knows someone that had this problem)?

Thanks
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  #15  
Old 2006-12-15, 01:53 PM
gizmo gizmo is offline
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Quote:
Originally Posted by Craig & Sophie
How long after submission will homeowners receive their cheque?
We got ours 3 months after submitting our paperwork.
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  #16  
Old 2006-12-15, 02:05 PM
klieu klieu is offline
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Quote:
Originally Posted by gizmo
We got ours 3 months after submitting our paperwork.
oh my god, that's long, what's a governmnet jobs !!!
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  #17  
Old 2006-12-15, 02:36 PM
Craig & Sophie Craig & Sophie is offline
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Quote:
Originally Posted by gizmo
We got ours 3 months after submitting our paperwork.
Thanks guys... that's what we figured. Not too bad for money we all didn't plan on getting we bought
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  #18  
Old 2006-12-16, 04:55 PM
Visitor6% Visitor6% is offline
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Default Transitional Rebate

Quote:
Originally Posted by klieu
oh my god, that's long, what's a governmnet jobs !!!
It's a last minute program to ensure that purchasers were getting the money instead of builders - Give them a break (remember, you all signed "net GST-included" purchase and sale agreements - you think that builders would have been nice enough to agree to reduce that price?). Next time, maybe they shouldn't care and let you live by what you signed. You wouldn't have to wait since you wouldn't be getting any money back!

Last edited by Visitor6%; 2007-01-09 at 11:57 AM.
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  #19  
Old 2007-11-09, 12:38 PM
SMC23 SMC23 is offline
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Are people actually getting the GST rebates on homes below 450K???

My lawyer told me that the rebates would go straight to the builder.
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  #20  
Old 2007-11-09, 12:59 PM
Mark & Lynda Mark & Lynda is offline
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Quote:
Originally Posted by SMC23 View Post
Are people actually getting the GST rebates on homes below 450K???

My lawyer told me that the rebates would go straight to the builder.
I believe this thread is concerning the GST transitional rebate.
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