GST issues for condo investors in Barrhaven, Nepean Ontario
By Kerry Fox
(Kerry Fox, Barrister & Solicitor)
GST issues for condo investors in Barrhaven, Nepean, Ontario In the last few years, there are more ‘average' people buying condos as investments because the stock market has been performing so poorly. Like all brand new construction, there's GST payable on a new condo. Normally, a buyer would qualify for the GST new housing rebate and the builder would rebate the purchase price by this amount. If you're not planning on living at the unit yourself (either yourself, or a relative), you don't qualify for the new housing rebate. A condo buyer has to sign an affidavit before taking possession of the unit declaring that they are entitled to the rebate. Once you've told the builder that you're a condo investor, the builder will gross up the purchase price by the amount of the rebate. A few y...
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