HST Rebate: background info: I wrote about the HST issue a couple months ago, calling it the “Elephant in the Room” with respect to the pre-construction condo market. I wanted to follow up this post with my own personal experience with dealing with the HST rebates (New Residential Rental Property Rebate-NRRP) when buying a new […]
When it comes to condo investing one of the most confusing and most misunderstood subjects is HST and HST rebates. I have found a great guy that I want to introduce to all my condo investor clients and listeners of this podcast. His name is Mark Purdy and he is a tax consultant. Listen to the Ultimate Info Session on HST Rebates with Mark Purdy!
The long predicted rush to beat the HST seems to be in full effect. Developers who have nearly finished buildings are rushing to get their remaining inventory over $400K sold and closed (building registered) before June 30th. For example, Empire Communities has School House Lofts in the Annex – a boutique collection of high-end condominium […]
Today is June 30th, 2010 which means that tomorrow is July 1st, 2010 – the day the earth will stand still as the dreaded HST era begins in Ontario.Today is quite possibly the busiest closing day in the history of Toronto. The last week of June is traditionally the busiest of the year for closings […]
NOTE: the following blog post is not to be considered legal or tax advice. I am not a lawyer or an accountant. I’m writing this strictly for informational purposes only. Always consult a lawyer when purchasing pre-construction real estate. ANOTHER NOTE: If you find this article confusing, good. That’s the number one point I’m trying […]
When buying a new condo, you need to be aware of the costs involved. Buying a new condo is not the same as buying a resale condo, there are additional costs you will incur on closing day.Ãƒâ€šÃ‚Â The sales people at the condo sales centres will NEVER bring any of these items to your attention. A […]
Continuing the Toronto Condo Assignment series, let’s take a look at the key advantages for buyers of assignment listings. Lower purchase price. Buying an assignment is sort of like having a time machine and being able to go back in time to purchase a condo today, at yesterday’s prices. Sellers know they have to price […]
The provincial government is proposing to harmonize the GST with the PST. This new tax will be known as the HST. This would underlying principle is to increase efficiencies by having just a single tax, however, some goods (like housing) that have never been subject to the PST, suddenly would be. This has many people […]