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What Is an HST Rebate Loan?

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What Is an HST Rebate Loan?

An HST Rebate loan is a specific type of short-term loan. It is intended to facilitate the payment of the HST that is due upon final closing by investors who are purchasing a new investment property from a builder.
The New Housing HST Rebate is available from the Canadian Revenue Agency as a method of recovering the HST that is paid upon final closing of a new property. This applies to both condominiums and houses.
In the event that the purchaser of the property (or an immediate family member) is going to occupy the property, the builder will pay the HST due and put an agreement in place to have the HST rebate signed over. The final purchase price will reflect this agreement and the purchaser is not responsible for the HST upon final closing.
The payment of the HST due on the new property and the method of claiming the HST rebate are different for investment properties that will not be owner-occupied. The responsibility of paying the HST due for the property falls on the purchaser and it must be paid in full by the final closing date. The problem is that the HST rebate cannot be claimed until after the final closing.
An HST Rebate Loan is a loan that is intended to effectively bridge the gap between when the HST is due on the final closing of a new investment property and the time it takes to successfully claim the HST rebate and receive it.

How Can You Get an HST Rebate Loan?

The payment of the HST by the purchaser at the time of final closing is still a relatively new and unknown expense. As a result, many investors are surprised when they are made aware that the responsibility of paying this significant expense falls on them. In many cases, the amount of the HST is not included in the amount that is budgeted for the final closing. This leaves investors scrambling to come up with additional money for the HST, sometimes just days before the final closing date.
Despite the obvious need for HST payment short-term loans, most of the big banks will not provide HST Loans. There are other financial options available for securing an HST Rebate Loan; HST relief companies specialize in providing these specific loans to investors to ensure that they are able to successfully meet the requirements of the final closing. HST Rebate Loans can be secured for up to $27,000 in the form of a second mortgage as long as the credit and debt service ratios are within acceptable limits.

Additional Benefits of Securing an HST Rebate Loan

An HST Rebate Loan will allow for the final closing to go smoothly despite any surprising HST costs that are incurred. This will protect the investor from losing the deposit and prevent any possible litigation action that could potentially be taken by the builder in the case of a failed closing.
In most cases, the HST relief company will also take care of coordinating and filing all of the paperwork for claiming the New Housing HST Rebate on the client’s behalf.
Ensure a smooth final closing despite any HST surprises; discover the professional financial assistance and convenience available with an HST Rebate Loan from one of the top HST lending companies today. 

First Canadian Place • 100 King Street West • Suite 5700 • Toronto, ON • M5X 1C7

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