When you buy a newly constructed home, condominium or town home, the entire purchase price including land is taxable. If the property is to be rented to tenants, the full HST is charged on the purchase price.
In most cases the HST that is payable is already included in the Purchase Price, the Builder hence at time of Final Closing has the Buyers Complete HST Rebates made payable to the Builder.
For a complete and clearer picture, please seek Independent advice from your Financial Advisor, your Accountant or speak to one of our knowledgeable Realtors.
Please complete the form below to have this report: HST and Your New Home e-mailed to you immediately.