David Pylyp: I'm with Shadi Nasseri; A Condominium Law Specialist in Down Town Toronto. Tell me about HST (Harmonized Sales Tax Rebates) Can I get a rebate on the purchase?
Shadi Nasseri: When you purchase a new condo in Ontario you have to pay HST on the purchase price. There are however some exceptions to that rule. You can get a rebate of your HST payments, of a certain portion of your HST, if you qualify based on two factors, one, is if you live in the condo yourself, so there's a rebate that applies that you occupy the unit yourself, from the "occupancy date" and at least for a year, after the final closing date.
The other exception is where you rent it. In that case you do not apply for the rebate right away, so it is not deducted from the purchase price on closing, but it is rebated to you, a year after the closing, whereby you show proof that you rented, leased or rented the unit out, for the entire year and that you still own it.