Ice Condo Assignment For Sale Sinners In The Hands Of An Angry God Essay
If a buyer purchases two or more new condo units or has a corporation purchase a residential unit, it is more difficult (perhaps impossible) to try to explain to the Canada Revenue Agency that the primary purpose in buying from the builder was to acquire the unit for personal use as a residence for an immediate family member. ·Nova Scotia, New Brunswick and Newfoundland have already implemented a Harmonized Tax while Saskatchewan, Manitoba, Quebec and Prince Edward Island all collect a separate Provincial Sales Taxes (PST) or QST for Quebec. British Columbia Ontario Provincial Sales Tax (PST)7%8%Federal Goods and Service Tax (GST)5%5%New Harmonized Sales Tax (HST)12% When will the HST be implemented? How does it affect the sale of my current owner occupied principal residence (re-sale)?The bottom line is that a listing realtor, seeing an offer from an assignee, should encourage the assignor/seller to sign back the offer with a condition for approval of the terms of the sale by the lawyer for the assignor/seller. ·It is the merging of the current Provincial Sales Tax (PST) with the Federal Goods and Service Tax (GST) into one new tax. ·The sale of housing that has been previously occupied by an individual as a place of residence and that was exempt from GST would also be exempt from HST.Note that, including the attachments, the number of pages can exceed 100.South Surrey White Rock Presale Condo Assignments Availability and more information are available here. White Rock is located in the southwest corner of the Lower Mainland, 45 kilometres from Vancouver and only five minutes to the Canada/US border. This home boasts 11 foot ceilings and just steps away from excellent shops and services for added convenience.·The provincial portion of HST would not apply to builders’ sales of newly constructed or substantially renovated homes that are taxable under the GST where, under a written agreement of purchase and sale, ownership or possession of the home is transferred before July 1, 2010.
Until then the regulations for short-term rentals are not being enforced.When applicable, HST will be payable by the Assignor (buyer #1 from the builder) on the portion of the assignment sale price related to the return of deposits (paid to the builder by the assignor/seller) PLUS the gross profit (the difference between the builder price and the assignment price).The confusing question is whether or not HST is, in fact, applicable to the assignment and, since realtors should not undertake the responsibility to advise a seller on such a matter, MAKE SURE (as a listing sales rep advising a seller/assignor) THAT AN ASSIGNMENT SALE WHICH STATES HST IS INCLUDED IN THE PRICE IS CONDITIONAL ON ASSIGNOR' S/SELLER' S LAWYER' S APPROVAL so that the lawyer for the assignor/seller will be responsible to advise a seller whether or not HST is applicable to the assignment/sale.Inevitably, an offer to purchase an assignment property (often on an OREA form 140 or 141) by a buyer's sales representative will state that, if applicable, HST is included in the purchase price (as we typically see in any offer to buy resale residential properties).The sales representative who represents a seller of an assignment (and who is advising the seller) MUST be aware that according to the Canada Revenue Agency, there are sometimes situations where HST will, in fact, be applicable and payable by the assignor/seller who is assigning a contract to buy a newly constructed unit/residence.In a city full of condos, you may be surprised to know that there are only a handful of Toronto condos that allow short-term rentals.Albeit, there are many condo owners and renters that choose to ignore the short-term rental policy their condo building may have in place, but that’s a conversation for another day.If the PRIMARY PURPOSE by the assignor/seller in buying from the builder was to profit by assigning/flipping the deal, THEN HST IS APPLICABLE to the assignment/sale.On the other hand, if an individual originally signed an offer to purchase a condo apartment (to be newly constructed by a builder) with the primary intention that the unit bought would be used (for example) by: THEN the Canada Revenue Agency would typically conclude that HST is not applicable on the assignment/sale if (at a later date) a reasonable change in circumstance resulted in an assignment/sale of the unit if, for example, The question is whether the facts or circumstances would indicate to the Canada Revenue Agency that the condo was originally being acquired from the builder for the primary purpose of personal use versus buying the unit for only a potential profit with the intention of assigning or flipping the deal.When does the HST apply to the sale of a new construction home or new rental property?·Builders’ sales of newly constructed or substantially renovated homes would be subject to HST when both ownership and possession of the home are transferred after June 30, 2010.