HST Audit Triggers An HST audit can be a trying process for many people.  The CRA will examine the taxpayer’s books and records to determine whether the correct amount of HST has been remitted.  If all is done correctly, then the audit will be concluded without any additional amounts owing to the CRA.  Because of... (Read more)

Renovating or building a major addition to your home? You can qualify for an HST Rebate from the CRA! If you are considering – or have already completed – a home renovation or major addition to your already existing home, you may qualify for an HST Rebate through the Canada Revenue Agency (CRA). The same rebate... (Read more)

HST Audit of Orangeville, Ontario An HST Audit of a municipality is quite uncommon but certainly does occur.  The Municipality of Orangeville in Ontario was recently selected by the CRA for an HST rebate audit. Orangeville’s communication manager noted that : “The CRA’s risk-assessment system selects files to audit based on a number of conditions... (Read more)

Earlier this month – on October 3, 2016 – Finance Minister Bill Morneau announced measures that will “improve tax fairness by closing loopholes surrounding the capital gains tax exemption on the sale of a principle residence”. The changes will effect the reporting requirements for the sale of a principal residence. Prior to this change, the Canada... (Read more)

HST Audit of Unreported GST/HST The Canada Revenue Agency recently reported that it has netted $240 million from audit activities on the real estate market in Canada., which includes an HST audit of unreported GST/HST. The CRA reported that their auditors are focusing their efforts on the following five issues: The “source of funds” to buy... (Read more)

Changes to the Capital Gains Tax – 2016 With a view to cooling down the housing market in Toronto and Vancouver (predominantly), the federal government passed new rules that make it more difficult for many first time purchasers to acquire a new home.  The changes now impose a more stringent stress test on mortgages that... (Read more)

Ontario allowed for an HST New Home Rebate back effective July 1, 2010 on the purchase of a new residential home.  The GST/HST New Home Rebate could be as high as $30,000 in the case of an owner-built home. PEI is still grappling with how to address the additional cost of HST on new homes... (Read more)

BC Land Transfer Tax 2016 British Columbia recently amended its BC land transfer tax to impose an additional 15%  land transfer tax starting in 2016 on foreign purchasers of real estate in the province. There has been considerable news coverage of the bc land transfer tax increase and its impact on housing prices in BC and... (Read more)

The Experts in Canadian HST Rebates! If you are a resident of Ontario, Quebec, or British Columbia and you built or hired someone to build a new house or made substantial renovations to your house within the last two years, you may qualify for the GST/HST New Housing Rebate for Owner-Built Houses. The rebate qualifies... (Read more)