Taxes for the Buyer

In all cases a Lawyers review is mandatory so that the Lawyer can explain possible taxes. The following is brief over view of taxes for the Buyer:

The rules for taxes for a Buyer revolve around whether or not the Buyer will occupy the property for their own personal use. If the Buyer purchases and occupies the unit - 1 of 2 scenarios will apply:
1) The Buyer forgives their right to any HST refund to the Builder. In other words, the Builder has this built into the price of the unit or:

2) The Buyer will be allowed to claim back a portion of the HST from the CRA
In both examples above, this will be defined in the builder’s contract. Once again, a lawyer’s review of the contract is mandatory.
Should the Buyer be an investor, the Buyer will pay the builders portion of the HST upon closing. Once the Buyer has a one-year term lease in place, the Buyer may claim back a portion of the HST that was paid.
In all cases for properties over $450,000 the maximum rebate is $24,000.