An investor buys a new condominium unit from a builder, planning from the start to rent it to long-term tenants. He asks whether the builder can credit him the GST/HST new housing rebate on closing. What is the correct answer?
Correct Answer
D) No; he may instead apply for the rental property rebate
CRA Guide RC4028 says the new housing rebate requires that, when the agreement is signed, the buyer intends the house as his or his relation's primary place of residence, and an investment property does not qualify. A buyer of housing to lease for long-term residential use is not entitled to the new housing rebate but may claim the GST/HST new residential rental property rebate under Guide RC4231.
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- → A buyer's lawyer requests a status certificate and pays the fee on May 1. The corporation never delivers it. After closing, the corporation claims the seller owed $3,000 in common expense arrears and demands it from the buyer, who relied on the silence. What is the effect under s. 76 of the Condominium Act, 1998?
- → A status certificate delivered to a buyer omits a $4,000 special assessment that the board levied against the unit after the current budget date to increase the reserve fund. The buyer relied on the certificate and closed. Under the Condominium Act, 1998, what is the result?
- → A seller's salesperson is estimating the buyer's costs of reviewing an Ontario condominium unit's status certificate. What is the most the corporation may charge for providing the certificate?
- → A listing salesperson expects offers next week on a resale condominium unit and knows buyers will want the status certificate. By when must the corporation give a status certificate once it is requested?
- → An investor buyer wants to know how many units in a condominium building were rented last year before making an offer. Which document must state the number of units for which the corporation received lease notices during the preceding fiscal year?
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- → A buyer's status certificate shows that the corporation received a new reserve fund study two months ago, and the board has not yet sent owners anything about it. What does the Condominium Act, 1998 require of the board?
- → The seller of a condominium unit got board approval and signed a registered s. 98 agreement with the corporation to install a hot tub on her exclusive-use terrace, taking on its repair and insurance costs. How does that agreement affect the buyer?
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An investor buyer wants to know how many units in a condominium building were rented last year before making an offer. Which document must state the number of units for which the corporation received lease notices during the preceding fiscal year?
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