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• A provincial transitional new housing rebate has been made available to builders on construction that began before July 2010 of residential condo units / complexes in Ontario where construction was at least 10% underway and ownership or possession had not yet transferred to a person
• The rebate removes estimated Ontario Retail Sales Tax embedded in cost of new construction where HST and / or a transitional tax adjustment would subsequently apply
• The rebate is calculated by way of two methods:
a) Based on closing sale price or
b) Based on unit floor space x rebate % (percentage of completion factor)
• The rebate must be filed by July 1, 2014
Reminder: Any builder with inventory of newly built condo units not yet sold where the above rebate has not been claimed and may be available should consider filing the rebate based on Method B (floor space) before June 30, 2014.
If you require additional assistance on this matter, please contact your local MNP Advisor.
Client Groups:Real Estate ＆ Construction
Related Topics:Tax Credits
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