We build dream homes!

Further clarification of the HST rebate for customers building custom built homes

New housing rebate – owner‐built homes

An enhanced B.C. new housing rebate will be provided for owner‐built homes where an individual constructs or substantially renovates a house for use as a primary place of residence of the individual or a relation of the individual or an individual hires another person to do such new construction or substantial renovation.  The enhanced new housing rebate for owner‐built homes will be available if on or after April 1, 2012: the new construction or substantial renovation of the home becomes substantially completed; and the rebate application is filed with the CRA. The maximum rebate for owner‐built homes will depend on whether the individual owner paid the HST on the land.

 

No HST paid on land

Where the HST was not paid on the land, the owner will be entitled to a B.C. new housing rebate of 71.43 per cent of the provincial component of the HST paid on qualifying construction expenses (which would not include land), up to a maximum rebate amount of $28,475 (i.e., 67 per cent of $42,500).

 

Time period for claiming B.C. New Housing Rebates

The time‐limits for claiming the existing B.C. new housing rebates will continue to apply for the enhanced B.C. new housing rebates.9 However, for certain housing types (i.e., houses acquired through the purchase of qualifying shares in a housing co‐op and owner‐built housing), the existing or enhanced B.C. new housing rebate will be available only where the application is filed with the CRA before April 1, 2017.

 

Full document is available at: http://www.hstinbc.ca/media/2012_housing_rules_.pdf

 

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.