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    How does the GST rebate work with new builds?
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    If you (or a blood relative of yours) are going to be living in the unit (i.e. qualify for the rebate), you get a rebate but MUST assign it immediately back to the builder (so it's a wash). This is the industry standard.
    If you are not going to be living in the unit (or either is a blood relative of yours) then you not only do NOT get the rebate, but you MUST also pay (as part of the builder adjustments) the amount of the GST Rebate which will be added as an adjustment on closing. See below:

    Purchase Price
    Rebate Calculation
    $350,000 or less $8750 or 36% of the GST paid, whichever is less
    $350,000 to $450,000 $8750 X ($450,000 - Price)/100,000
    $450,000 or more No Rebate

    David Feld is an experienced residential real estate lawyer. You can learn more about him by visiting his website: http://www.feldkalia.com/

    Disclaimer: Content on this website is provided for informational purposes only and does not constitute a legal advice.





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