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Inevitably, an offer to purchase an assignment property (often on an OREA form 140 or 141) by a buyer's sales representative will state that, if applicable, HST is included in the purchase price (as we typically see in any offer to buy resale residential properties).
The sales representative who represents a seller of an assignment (and who is advising the seller) MUST be aware that according to the Canada Revenue Agency, there are sometimes situations where HST will, in fact, be applicable and payable by the assignor/seller who is assigning a contract to buy a newly constructed unit/residence.
You should always receive your status certificate within 10 days as per the Condominium Act, 1998.
You may either download or print the status certificate, depending on your requirements.In a city full of condos, you may be surprised to know that there are only a handful of Toronto condos that allow short-term rentals.Albeit, there are many condo owners and renters that choose to ignore the short-term rental policy their condo building may have in place, but that’s a conversation for another day.If the PRIMARY PURPOSE by the assignor/seller in buying from the builder was to profit by assigning/flipping the deal, THEN HST IS APPLICABLE to the assignment/sale.On the other hand, if an individual originally signed an offer to purchase a condo apartment (to be newly constructed by a builder) with the primary intention that the unit bought would be used (for example) by: THEN the Canada Revenue Agency would typically conclude that HST is not applicable on the assignment/sale if (at a later date) a reasonable change in circumstance resulted in an assignment/sale of the unit if, for example, The question is whether the facts or circumstances would indicate to the Canada Revenue Agency that the condo was originally being acquired from the builder for the primary purpose of personal use versus buying the unit for only a potential profit with the intention of assigning or flipping the deal.LIST OF TORONTO CONDOS THAT ALLOW SHORT-TERM RENTALS The biggest concentration of short-term rentals Toronto has are all within the same area: The Entertainment District.These condos allow for short-term rentals because this is a high-traffic tourist area with countless attractions in and around this part of the city.If a buyer purchases two or more new condo units or has a corporation purchase a residential unit, it is more difficult (perhaps impossible) to try to explain to the Canada Revenue Agency that the primary purpose in buying from the builder was to acquire the unit for personal use as a residence for an immediate family member. ·Nova Scotia, New Brunswick and Newfoundland have already implemented a Harmonized Tax while Saskatchewan, Manitoba, Quebec and Prince Edward Island all collect a separate Provincial Sales Taxes (PST) or QST for Quebec. British Columbia Ontario Provincial Sales Tax (PST)7%8%Federal Goods and Service Tax (GST)5%5%New Harmonized Sales Tax (HST)12% When will the HST be implemented? How does it affect the sale of my current owner occupied principal residence (re-sale)?The bottom line is that a listing realtor, seeing an offer from an assignee, should encourage the assignor/seller to sign back the offer with a condition for approval of the terms of the sale by the lawyer for the assignor/seller. ·It is the merging of the current Provincial Sales Tax (PST) with the Federal Goods and Service Tax (GST) into one new tax. ·The sale of housing that has been previously occupied by an individual as a place of residence and that was exempt from GST would also be exempt from HST. This spacious, garden level townhouse is conveniently located on the future of White Rock Commons - the new centre of town.This home offers a spacious master bedroom with luxurious ensuite and walk in closet. The kitchen is fully equipped for a master chef with a full size Miele integrated appliance package.