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


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  #1  
Old 2007-10-31, 10:29 AM
Jackie & Keith Jackie & Keith is offline
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Default 2% GST return

If the GST is being reduced to 5% on January 1st and you take possession after that date and you purchased your home with 7% GST are you now looking at a 2% return intsead of 1%?
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Old 2007-10-31, 10:35 AM
patrob patrob is offline
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Looks that way. But you must have purchased the house before May 3, 2006 (if I'm not mistaken, that's the cut off date for the 1% rebate)

I have already received my 1% back, I wish it would have been 2%...but better than nothing I guess
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Old 2007-10-31, 10:39 AM
Jackie & Keith Jackie & Keith is offline
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Yes, we purchased April 2006.
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Old 2007-10-31, 11:01 AM
dangah dangah is offline
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Quote:
Originally Posted by Jackie & Keith View Post
Yes, we purchased April 2006.
As did I. J&K.. lets be in touch.
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Old 2007-10-31, 11:02 AM
christine_827 christine_827 is offline
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Default gst

So if the GST is reduced again to 5% and I bought in May 2007 at 7%, I will not get a rebate?
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Old 2007-10-31, 11:04 AM
Visitor6% Visitor6% is offline
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Quote:
Originally Posted by christine_827 View Post
So if the GST is reduced again to 5% and I bought in May 2007 at 7%, I will not get a rebate?
If you bought in May 2007, the rate was 6%.

Could you provide more details?
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Old 2007-10-31, 11:05 AM
Visitor6% Visitor6% is offline
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Quote:
Originally Posted by Jackie & Keith View Post
Yes, we purchased April 2006.

Yes, you would get two! One for 7% to 6% and one for 6% to 5%.
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Old 2007-10-31, 11:41 AM
Jackie & Keith Jackie & Keith is offline
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What about the upgrades that have been worked into your purchase price? We paid for 1/3 and the remaining are being worked into our mortgage again paid in January 2008?
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  #9  
Old 2007-10-31, 11:50 AM
Visitor6% Visitor6% is offline
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Do you already own the land? (If it is the case, the special transitional rules do not apply).

Otherwise, it is the final price your paying to the builder that matters (unless some of your upgrades are tangible personal property, e.g. appliances), irrespective of any prepayment (unless the upgrades are payable to someone else).

Last edited by Visitor6%; 2007-10-31 at 11:53 AM.
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  #10  
Old 2007-10-31, 12:03 PM
Jackie & Keith Jackie & Keith is offline
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No, we are purchasing the land and the house, upgrades do not include appliances but were changes to the standard house ie? 9 foot ceilings, hardwood etc. The timing of the purchase of the upgrades though is when GST was 6% (winter/spring of 2007) and 1/3 of the purchase price of the upgrades has already been paid to the builder.
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