There are techniques for tax refund when buying a house. How much do you know?

Buying a house can get a tax refund! This is no longer news. How many types of taxes can be refunded and how much is the tax? How to meet the "harsh" conditions for various tax refunds is not known to everyone.

 

In recent months, some customers have successfully received the 15% foreign buyer tax implemented on April 23, 2017. As time goes by, more and more international students, work visas, or buyers with long-term official visas are asking for tax refund conditions.

As an experienced and long-term real estate tax refund consulting company, we have recently launched various tax refund and welfare services to help you with your tax refund quickly.

In the past year, Golden Key Business Development Center has helped real estate investors and foreign home buying groups successfully handle hundreds of tax refund cases and various tax disputes between investors and tax bureaus.

In the future, we will continue to proactively serve our guests and strive for the best interests of our guests.

The main businesses of Golden Key Business Development Center are divided into three categories:

  1. 15% Non-resident Speculation Tax
  2. New Home Owner-Occupied or Rental Tax (HST)
  3. Land Transfer Tax

1. 15% Non-resident Speculation Tax

Also known as the “NRST,” the province will impose a 15% foreign buyers’ tax on non-Canadian citizens, non-permanent residents or foreign corporations who purchase or acquire an interest in residential property located in the Greater Golden Horseshoe Region (GGH).

What is the Greater Golden Horseshoe Region (GGH)?

The GGH is an urban region in southern Ontario. The GGH is made up of the following cities, counties, and regional municipalities (part of the regions are listed below):

  • City of Toronto
  • City of Brantford
  • City of Guelph
  • City of Hamilton
  • Regional Municipality of Niagara
  • Regional Municipality of Waterloo

Eligibility for a refund of the NRST is:

  • Become a Canadian citizens or permanent residents
  • International students continue to stay in Ontario after purchasing a house Full-time study
  • Foreigners working in Ontario need to Hold a valid work permit Worked full-time in Ontario for at least one year. Full-time means working at least 30 hours per week or a total of at least 1,560 hours in a 12-month period

During the period from the purchase of the house to the application for refund, the buyer must absolutely own the house or jointly own it with his spouse. The property must be occupied by the buyer and cannot be resold or rented out! After meeting the application conditions, the principal and interest will be refunded.

2. GST/HST refund for newly purchased property for self-use or rental

The province will impose a 15% NRST on non-Canadian citizens, non-permanent residents or foreign corporations who purchase or acquire an interest in residential property located in the Greater Golden Horseshoe Region (GGH).

You may be eligible for a partial HST New Home Rebate if you:

  • Buying new homes, building homes, renovating homes
  • Converting non-residential property into housing
  • Purchase a stake in a new cooperative housing project

3. Land Transfer Tax

When you buy land or an interest in land in Ontario, you pay land transfer tax, or “LTT” for short. Qualified first-time homebuyers may be eligible for a full or partial rebate.

To receive the first-time buyer's land transfer tax rebate in Ontario, The following conditions must be met:

  • Buying new homes, building homes, renovating homes
  • Converting non-residential property into housing
  • Purchase a stake in a new cooperative housing project

Golden Key Business Development Center helps you apply for property tax refunds. For more information, please call 416-551-9990.

Related articles

  • Non-Resident Rental Property Claim

    The Canada Revenue Agency stipulates that non-tax residents (such as investors from China, the United States or outside Canada) need to withhold 25% of their income from rental income from real estate in Canada. This withholding tax is often more than the actual amount payable.
  • Foreign Buyer Tax NRST

    海外买家税全称是Non-Resident Speculation Tax,简称NRST。NRST适用于在2017年4月21日或之后,对在大金马蹄地区 Greater Golden Horseshoe Region(GGH)购买住宅物业的海外买家,征收15%的海外买家税。
  • GST/HST tax rebate for newly purchased house to live in or rent out

    新买房GST/HST退税分为两种,一种是出租房退税 (GST/HST New Housing Rebates, 简称 NHR), 而另一种是自住房退税 (GST/HST New Residential Rental Property Rebates, 简称 NRRPR)。
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