Taxes

Understanding the HST Rebate for New Homes and Condominiums In Toronto

maze to a home with an HST rebate that indicates the complexities of getting an HST rebate in Toronto.

The HST Rebate is a significant consideration for individuals purchasing new homes or condominiums directly from builders. This guide aims to clarify eligibility, conditions, and implications of the HST New Housing Rebate, ensuring buyers are well-informed about their potential entitlements and obligations. Key Takeaways Eligibility for the HST New Housing Rebate Primary Residence Requirement Eligibility…

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Understanding the Taxation of Non-Resident Real Estate In Toronto

neon tax sign

Real estate transactions involving non-residents can involve complex taxation processes, especially in Ontario. Under Section 116 of the Income Tax Act, if a non-resident of Canada sells real property, the buyer is legally obligated to withhold and remit 25% of the sale price to the Canada Revenue Agency (CRA). This process is designed to ensure…

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