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How One Investor Got Help with HST Rebate Filing

How One Investor Got Help with HST Rebate Filing

Investors in real estate have to be focused on the market at all times in order to ensure that they don’t miss out on any profitable opportunities. Given the volatilities and uncertainties of the equities market, more individuals have made owning a home or property part of their investment portfolio. It is not news that the Real Estate Market across the GTA has been booming in the last few years.  While buying a home won’t make you rich overnight, it is a stable investment that can perform well for the owner. Many investors in Canada already own a home in which they reside or have a sizeable portion of their overall net worth tied into the real estate market. For the typical investor who has purchased a new construction real estate investment, filing the HST Rebate can represent a tedious task (including a 74-page manual from CRA) that takes their eyes and ears away from more profitable opportunities. Still, investors recognize that they cannot put off filing for the rebate, as the rebate application must be filed within two years after the investment property purchase closes AND in the meantime, CRA is holding a sizeable portion of their initial investment of about $19,000 - $29,000. 

Will Someone Do the Paperwork for Me?

Filing government paperwork, such as the HST Rental Rebate, requires careful attention to detail. For investors, it means having the due diligence to find out what rebates are available, which ones they are eligible for, and processing the application in the required time frame. There are some investors who simply are too consumed with their own work to worry about filing paperwork for a rebate that they will have to wait to reclaim, especially as it gets lost amidst a growing number of obligations. There are companies that can not only help lend the money necessary to close your deal, but that will also aid in filing and reclaiming your rebate with the CRA.

When Seeking Financial Assistance, How Much Can I Expect?

Companies that provide loans to relieve real estate investors of the financial burdens caused by the introduction of HST generally provide assistance for rates of roughly 10% of the rebate amount. The payment comes back from CRA in a couple of months. There is a cost associated with the lending and filing of the rebate.  Filing for your rebate can be a complex process and filing incorrectly can force real estate investors to forfeit their rebates. Foreign investors can also file for their rebates from up to two years after final closing and title transfer. These rebates generally range from around $19,000 to about $29,000. It is important to consult an expert about exactly how much the HST will be for the investment property and what portion of that is available for rebate.
There is help out there to alleviate the financial and clerical burdens for investors looking to purchase newly built or substantially renovated investment properties. HST Relief provides assistance by lending, filing and claiming the HST rebate on behalf of their investors. Their staff is complete with experienced real estate investors that can provide financial consulting advice as well.  They have filed over 2,000 HST Rebates in the last few years for their clients.  Better yet, investors can get the cash they need to close the sale of their newly purchased property hassle-free with a HST Loan and ensure that they have filed for their rebate correctly, as incorrectly filing can force investors to forfeit their rebate.
To get your more specific questions answered by an expert, call HST Relief: Rebates & Loans at 1.866.832.1990. 


How much HST do I pay for a house?

I am closing on a property soon. It is a house and not a condo.  Do I need to worry about paying the HST for this?  I do not plan to live there but to use the  new home as an income property.


By HST Relief (Admin)
All new construction purchased from a builder in Ontario is subject to HST - whether the new property is a house, condo or townhome.  
When a builder has you sign the agreement of purchase and sale, part of the HST is included in this "sticker price" and part of it is due on closing.  Now, if you will be using the preconstruction property as a primary residence for you or an immediately family member (child, sibling or parent*) then the HST New Housing Rebate will automatically be credited on the Final Statement of Adjustments from the builder - and, it's a net wash.  It is charged and then credited, so no additional money is owed on final closing.  For an investor, or a purchaser using the property for anything other than a primary residence, the HST Rebate amount will be due on closing.  The Rebate is calculated on a sliding scale based on purchase price ancan range anywhere from $16,000 - $29,000. If you have a 1 year lease with a tenant, you may qualify for the Rental Rebate and reclaim all or most of the HST Rebate back.  Call us for details and additional qualification criteria. 
* note there are some exclusions and complications, such as when 2 investors purchase a home and only 1 of them or only 1 of their immediate family members uses the property as a primary residence.  Another exmaple is if the condo was purchased on assignment.  A different set of rules applies for this new Housing Rebate and a filing is required. For situtations like this, consult us directly.  Call HST Relief: Rebates & Loans at 1.866.832.1990  

First time buyers and HST

I am a first time buyer - do I have to worry about HST applied to my real estate purchase? 


By HST Relief (Admin)
HST applied to real estate is independent of whether or not you are a first time buyer.  HST is applied to all new construction real estate purchases since July 2010 when HST was introduced.  HST does not apply to resale of previously owned and used real estate.  In the case that HST is due on closing on a new construction property purchased from a builder, and to make matters more confusing on this subject, some of the HST is included in the purchase price (included in your purchase agreement) and some of it is due on closing. 
Who is responsible for paying the HST on a new condo or house?  Well, that depends on its end use.  If you, the purchaser, whether a first time home buyer or not, are using the property as a primary residence, then there is no additional HST due on closing.  The builder issues you the HST New Housing Rebate and the builder is responsible for settling up with CRA after your closing.  The situation gets complicated when you have bought a new construction property and are using it as an investment.  In this case, the purchaser is responsible to pay the remaining portion of HST that is due on closing, the HST rebate amount, and then reclaim it through CRA by filing for the rebate later.
HST Relief is a team of accounting and tax lawyers who specialize in filing HST rebates with CRA.  We also offer loans to finance the HST portion due on closing.  Call us for more information: 1.866.832.1990  or email us at info@hstrelief.ca

Calculating the HST amount due on closing

Hi there -

Can you let me know how much my client will owe in HST?  The new build, investment unit was purchased at $650,000.


By HST Relief (Admin)
If the client is purchasing the new construction to be used for anything other than a primary residence, then yes, the client will owe a portion of the HST due upon closing.  The amount due is weighted based on the purchase price.  In the case that the purchase price on the Agreement of Purchase and Sale is 450k or more, usually the amount of HST due maxes out at $24,000 as this is the rebate-able portion.  Generally, the rebate-able portion is the amount due on closing.   The only way to know for sure that the amount due on closing will be $24,000 for the client's 650k purchase, is to have a detailed look at the Purchase Agreement.  If you are unsure, have the client's real estate lawyer look at it.
The client will then have to file for the HST Rebate to recover the funds and for the application, will need to have a 1 year lease in place with a renter.  Please give us a call if you have any additional questions or concerns, or if you need help with the filing.  1.866.832.1990 

Toronto condo closing

My investment condo closed in Toronto in May 2014 and I paid about $26,000 in Harmonized Sales Tax (HST) to close the property.  Is it too late to qualify for a rebate?


By HST Relief (Admin)
 You have 24 months after the final closing date to file for the Ontario New Housing Rebate.  There are certain conditions that must be met in order to file for the New Residential Rental Rebate (e.g., you must have a 1 year lease in place with a renter). Please call us for more information 1 866 832 1990 www.hstrelief.ca

First Canadian Place • 100 King Street West • Suite 5700 • Toronto, ON • M5X 1C7

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