HST Rules on Pre- Construction Condo
HST on pre-construction condo is one of the most complex financial and investing decisions. It is considered difficult because a condo is under construction or not yet built, and hence you buy on the basis of a conceptual understanding as to how the fully constructed building could look like. Also, a pre-construction condo calls for a lot of upkeep and maintenance thereby taking out extra from your pocket. With the rise in real estate market in Canada, investors are eyeing the newly constructed or pre constructed condominiums as a part of their investments. With the continuous launch of new pre-construction projects in Canada, more and more investors are buying the same and looking for efficient and experienced consultants for faster HST rebate on pre-construction condo.
There are rules surrounding the HST for pre-construction condo, which are not well understood by the investors and thus do not realize their eligibility for the rebate. We at Finance My HST work with these investors in detailing about their pre constructed condo unit, analyzing the expenses incurred in maintenance, closing condo down payments and any other legal fees and then advice on the suitable process to apply for a rebate on the pre-construction condo.
Our rebate experts clarify the intended use of the pre-construction condo unit for example, if it is to be used for residential or any other purpose. Once this purpose is figured out, our specialists take on the documentation process further, guide you through every step explaining the need of certain document and informing the status of your rebate application at each stage.
We carefully assess whether you have made an upfront down payment for the pre constructed condo and look out in purchase agreement about any tax or HST paid earlier during the purchase. Taking this into consideration we fill up the application and submit to the government agency for further rebate processing.