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A Few Notes About BC’s HST New Housing Rebate

The B.C. new housing rebate is available for all types of housing eligible for the federal GST/HST new housing rebate and is subject to the same eligibility conditions.

Qualifying housing generally includes newly constructed and substantially renovated homes used as a primary place of residence by an individual (or qualifying relation of the individual).

The rebate is 71.43 per cent of the provincial portion of the HST, up to a maximum rebate of $26,250.

Purchasers of eligible new homes above $525,000 are eligible for a rebate of $26,250 (i.e. a rebate on the first $525,000 of value).

As the HST rate drops in 2012 and again in 2014 the rebate will be lowered to reflect the drop to a 5 per cent provincial portion of the HST.

To eligible for new housing rebate:

The new rental housing rebate is provided to landlords who construct or substantially renovate their own rental housing and, as a result, are required to self–assess and pay HST under the self–supply rules.

The rebate is also provided to landlords who purchase newly constructed or substantially renovated rental housing in B.C. and pay HST on the purchase.

The application has to proceed with Canada Revenue Agency. Currently CRA is doing the random check on those applications made back in 2011. If you no longer live in that household as your primary residence, or you rented it or sold it, you will be required to refund the rebate you got plus CRA may fine you for the interest.

If you have any question regarding BC HST new housing rebate, please contact us. We will then refer the right lawyer and accountant to answer your questions.

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