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Why CRA wants $30,000 HST rebates back #yeg #yegre

Some investors who bought new homes or condos in the past few years planning to flip them in a hot Toronto market are facing HST bills of up to $30,000. That’s because they didn’t read the fine print on the purchase agreement and they now have a problem that relates to the HST rebate that is available to buyers of new homes under certain conditions.

Full article – http://tinyurl.com/7tcbm7e
While there is no HST in Alberta the GST rebate system for new home purchases is similar. Only a real estate professional can guide a potential buyer through the fine details of purchasing a home. A REALTOR® can still represent the buyer even if buying a new home from a builder. Many builders have signed onto a Builder/REALTOR® Cooperation program that ensures that the homebuilder will compensate the REALTOR® for their part of the purchase process without inflating the price of the home over what the buyer would have otherwise paid. This provides a double benefit to the homebuyer: assistance without additional cost.
If buying a new home, ask your REALTOR® which builders participate in this consumer protection program.

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