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ARTICLE · 06 JULY 2009

Harmonized Sales Tax- Recent Announcement That Will Affect Your Condominium Sales

Dentons Canada LLP
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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.

CanadaReal Estate and Construction
Jules Mikelberg
Jules Mikelberg
Tammy Evans
Tammy Evans
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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.

Enhanced New Housing Rebate

The proposed provincial component of the new housing rebate is to be enhanced such that new condominiums purchased as primary residences across all price ranges (not just under $500,000) would qualify for a new housing rebate up to a maximum of $24,000 and new condominiums priced up to $400,000 would not attract any additional tax other than that currently included in the sale price.

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