You can get a tax refund when buying a house! This is no longer news. How many types of taxes can be refunded and how much are the taxes? Not everyone knows how to meet the "harsh" conditions for various tax refunds.
In recent months, customers have successfully received the 15% overseas buyer tax that was implemented on April 23, 2017. As time goes by, more and more buyers with international students, work visas, or long-term official visas come to inquire about tax refund conditions.
As a consulting company with rich experience and long-term experience in handling real estate tax refunds. We have recently launched various tax refund and benefit services to help you quickly refund your tax.
In the past year, the Golden Key Business Development Center has helped real estate economic real estate investors and foreign home buying groups successfully handle hundreds of tax refund cases and handle various tax disputes between investors and the tax bureau.
In the future, we will continue to proactively serve our guests and strive for the best interests of our guests.
The main business of Golden Key Business Development Center is divided into three types:
- 15% Non-resident Speculation Tax
- New Home Occupancy or Rental Tax Rebate (HST)
- Land Transfer Tax
1. 15% Overseas Buyer TaxNon-resident Speculation Tax
Also known as "NRST," the province will impose a 15% levy on overseas buyers who purchase or acquire interests in residential properties located in the Greater Golden Horseshoe Region (GGH) by non-Canadian citizens, non-permanent residents, or through foreign companies. Tax.
What is the Greater Golden Horseshoe Region (GGH)?
Is an urban area in southern Ontario. GGH is made up of the following cities, counties and regional municipalities (some areas are listed below):
- City of Toronto
- City of Brantford
- City of Guelph
- City of Hamilton
- Regional Municipality of Niagara
- Regional Municipality of Waterloo
The conditions for qualifying for the overseas buyer tax NRST refund are:
- Become a Canadian citizen or permanent resident within 4 years of purchasing the house
- International students continue to stay in Ontario after purchasing a houseStudy full-time
- After buying a house, foreigners working in Ontario must hold a valid work permit and work full-time in Ontario for at least one year. Full-time refers to the need to work no less than 30 hours per week within 12 months, or no less than 1560 hours in total
During the period from purchasing a house to applying for a refund, the buyer must absolutely own the house or hold it jointly with his or her spouse. The property must be occupied by oneself and cannot be resold or rented! After meeting the application conditions, the principal and interest will be refunded.
2. Tax rebate for newly purchased house to live in or rent out GST/HST
The province will impose a 15% NRST tax on the purchase or acquisition of interests in residential properties located in the Greater Golden Horseshoe Region (GGH) by non-Canadian citizens, non-permanent residents or through foreign companies.
You will be eligible to receive a portion of the HST New Home Rebate if you meet the following conditions:
- Buy a new home, build a home, renovate a home
- Convert non-residential property to housing
- Purchase shares in new cooperative housing projects
3. Land Transfer Tax
"LTT" for short, is the Land Transfer Tax you need to pay when you purchase land or land interests in Ontario. And eligible first-time homebuyers may be eligible for all or part of the rebate.
To receive the land transfer tax rebate for first-time buyers in Ontario, the following conditions must be met:
- Buy a new home, build a home, renovate a home
- Convert non-residential property to housing
- Purchase shares in new cooperative housing projects
The Golden Key Business Development Center helps everyone apply for real estate tax rebates. For more information, please call 416-551-9990.