Indo- Canada Chamber of Commerce organised an interactive session on Interactive Session on Harmonised Sales Tax (HST) Rebates on New Homes and Condos on 17-December 2014 at the Nanda & Associate Lawyers Professional Corporation, Mississauga.
Mr. Jagmohan Singh Nanda, founder, Nanda & Associate Lawyers, and Ms. Sabrina Hussain in the joint presentation said that HST as it relates to the real estate industry. The awareness of HST among the new home buyers is very low. The interactive session covered topics such as HST on commercial properties, exemption of resale homes from HST, HST rebates for new homes and new condos, qualifying for the HST rebate as a purchaser through the builder, qualifying for the HST rebate as an investor, and claiming the HST rebate when flipping a new house or new condo. The session provided information on obtaining the HST rebate even the builder of the new home or condo refuses to provide said rebate upon closing or worse if the CRA claims that you do not qualify for the rebate after you have already claimed it.
Mr. Dharma P Jain, President, ICCC in his welcome remarks said that new home buyers and owners renovating their own homes continue to be in a confused state of mind when it comes to HST rebate. The reason is that there are different rules governing this tax depending on your plan.
Tony Chawla, Vice President, ICCC said, that the session on HST rebate this evening is aimed to create awareness among its members and it is Chamber’s continuing effort to provide first-hand information from an expert to benefit our members.
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