"Harmonized Sales Tax – Recent Announcement That Will Affect Your Condominium Sales", Focus On Real Estate - June 2009

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"Harmonized Sales Tax – Recent Announcement That Will Affect Your Condominium Sales", Focus On Real Estate - June 2009

Author(s):

Mikelberg, Jules

Date: June 23 2009

On Friday, June 19, 2009, the Province released Single Sales Tax Information Notice No. 2 dated June 18, 2009 providing further details on the implementation of the Harmonized Sales Tax announced in the 2009 Ontario Budget. This Client Alert summarizes those provisions relating to new condominium sales.

In this issue:

Enhanced New Housing Rebate
Transitional Rules for New Condominiums
Increased reporting and disclosure requirements
Transitional Tax Adjustment – condominiums
RST Transitional Rebate
RST Transitional Rebate calculation
RST Transitional Rebate timeframes

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