Go Back   BuildingHomes.ca - Building your community! > General > Financing, Mortgages and Insurance

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


Reply
 
Thread Tools Display Modes
  #1  
Old 2015-11-11, 05:30 PM
cocacola cocacola is offline
Junior Member
 
Join Date: Oct 2015
Location: Ottawa
Posts: 5
Default Question about HST rebate

Hi,

I read few posts about HST rebate but I'm still confused.
So I guess HST rebate goes to the builder (for new home), but am I supposed to apply for HST rebate to CRA after the closing day? And this rebate directly goes to the builder?

Or I don't need to worry about HST rebate as it will take care of by the builder?

Thanks
Reply With Quote
  #2  
Old 2015-11-11, 08:52 PM
xdarrylx's Avatar
xdarrylx xdarrylx is offline
Senior Member
Regular User
 
Join Date: Feb 2010
Location: Barrhaven, Ontario
Posts: 1,952
Default

The builder will apply for all HST rebates on your behalf. You don't have to do anything because you aren't eligible to receive anything. Sucky, but that's the way it goes!
Reply With Quote
  #3  
Old 2015-11-12, 08:45 AM
foxborough foxborough is offline
Senior Member
Regular User
 
Join Date: May 2009
Location: Ottawa, Summerside
Posts: 984
Default

When you signed your Purchase Agreement, you agreed to assign the HST rebate to the builder. The price of your home is reflective of this assignment. You will complete the paperwork from CRA to assign the HST when you meet with your lawyer for your closing.
__________________
Moved In
Reply With Quote
  #4  
Old 2015-11-12, 11:24 AM
cocacola cocacola is offline
Junior Member
 
Join Date: Oct 2015
Location: Ottawa
Posts: 5
Default

Quote:
Originally Posted by foxborough View Post
When you signed your Purchase Agreement, you agreed to assign the HST rebate to the builder. The price of your home is reflective of this assignment. You will complete the paperwork from CRA to assign the HST when you meet with your lawyer for your closing.
Thanks guys!!
Reply With Quote
  #5  
Old 2015-11-12, 06:49 PM
kisaki kisaki is offline
Member
Regular User
 
Join Date: Nov 2014
Location: beeton
Posts: 93
Default

Quote:
Originally Posted by cocacola View Post
Thanks guys!!
Are the home buyers eligible for HST rebates on extras? If the house price was below $400 there is still room ...
Reply With Quote
  #6  
Old 2015-11-13, 12:10 PM
foxborough foxborough is offline
Senior Member
Regular User
 
Join Date: May 2009
Location: Ottawa, Summerside
Posts: 984
Default

No, you are generally not eligible for HST rebates on extras. There are clauses in your purchase agreements that cover this. The price that you paid for the extras will be reflective of the HST rebate.
__________________
Moved In
Reply With Quote
  #7  
Old 2015-11-13, 12:33 PM
kisaki kisaki is offline
Member
Regular User
 
Join Date: Nov 2014
Location: beeton
Posts: 93
Default

Quote:
Originally Posted by foxborough View Post
No, you are generally not eligible for HST rebates on extras. There are clauses in your purchase agreements that cover this. The price that you paid for the extras will be reflective of the HST rebate.
What do you mean, reflective, Foxborough?
When I payed for extras, I payed 13% of HST on top of the prices
Reply With Quote
  #8  
Old 2015-11-13, 12:47 PM
gerapau's Avatar
gerapau gerapau is offline
Senior Member
Regular User
 
Join Date: Jun 2009
Location: Ottawa
Posts: 1,784
Default

Quote:
Originally Posted by foxborough View Post
No, you are generally not eligible for HST rebates on extras. There are clauses in your purchase agreements that cover this. The price that you paid for the extras will be reflective of the HST rebate.
Are you sure? My understanding is that you are eligible for HST rebates on everything, including any extras, up to $400,000. So if your new home had a base price of $350,000 and you added $50,000 in extras then you would be eligible for the full $24,000 HST rebate. Of course, many new homes cost more than $400,000 before extras so in those cases there would be no rebate on the extras but if the base price is under $400K then you will see some rebate for the extras.
Reply With Quote
  #9  
Old 2015-11-13, 02:32 PM
cocacola cocacola is offline
Junior Member
 
Join Date: Oct 2015
Location: Ottawa
Posts: 5
Default

Quote:
Originally Posted by gerapau View Post
Are you sure? My understanding is that you are eligible for HST rebates on everything, including any extras, up to $400,000. So if your new home had a base price of $350,000 and you added $50,000 in extras then you would be eligible for the full $24,000 HST rebate. Of course, many new homes cost more than $400,000 before extras so in those cases there would be no rebate on the extras but if the base price is under $400K then you will see some rebate for the extras.
and how about HST from design selection upgrades? design selection upgrades were not included in the base price. am I eligible to get HST rebate for design selection upgrades? or simply, I don't pay HST for design selection upgrades??
Reply With Quote
  #10  
Old 2015-11-13, 03:22 PM
gerapau's Avatar
gerapau gerapau is offline
Senior Member
Regular User
 
Join Date: Jun 2009
Location: Ottawa
Posts: 1,784
Default

Quote:
Originally Posted by cocacola View Post
and how about HST from design selection upgrades? design selection upgrades were not included in the base price. am I eligible to get HST rebate for design selection upgrades? or simply, I don't pay HST for design selection upgrades??
I may have been misleading when I said that you are eligible for the rebate. As others have said, normally you assign the rebate to your builder. But if the base price of your home costs under $400K then you should not be paying full HST on any extras (design center included) up to the $400K mark. Once you reach the $400K mark then you pay full HST on any extras.

The net effect is that on anything, including any extras or design center purchases, you should only pay 2% on the first $400K for your home. You will then pay 8% HST on anything over $400K.

This should all be laid out in your purchase agreement. The math should be done in there and should be revised when you add any extras.
Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
GST rebate question tbpage Financing, Mortgages and Insurance 6 2009-07-02 09:53 PM
GST Rebate changii Markham / Thornhill / Vaughan 2 2008-06-18 11:26 PM
GST Transitional Rebate question... TheTimars Real Estate Questions 5 2007-11-19 02:01 PM
GST Rebate SMC23 Financing, Mortgages and Insurance 3 2007-11-09 06:13 PM
Rebate.. Joe&Grace Stouffville - River Ridge, MainStreet and Country Lane 6 2007-02-21 04:52 PM



All times are GMT -4. The time now is 08:58 AM.



Copyright © PHAND Corporation
This document may not be used elsewhere without the expressed written consent of PHAND Corporation.
*** There is no association between this website and any builder. ***

Powered by vBulletin® Version 3.8.10
Copyright ©2000 - 2019, vBulletin Solutions, Inc.