New Harmonized Value-added Tax System Regulations, No. 2 — 47
Definitions 47 (1) In this subsection, percentage of total floor space , qualifying residential unit and relation have the same meanings as in subsection 256.2(1) of the Act. Meaning of provincial portion of basic tax content (2) In this section, provincial portion of basic tax content , at a particular time, of property of a person means the amount that would be the basic tax content of the property at that time if no amount of tax under any of subsection 165(1) and sections 212 and 218 of the Act were included in determining that basic tax content. Land and building — Ontario (3) Subject to subsections (13) to (15), if a person is entitled to claim a rebate under subsection 256.2(3) of the Act in respect of a residential complex, an interest in a residential complex or an addition to a multiple unit residential complex, situated in Ontario, or the person would be so entitled if the fair market value of the complex or addition were less than $450,000, for the purposes of subsection 256.21(1) of the Act, the person is a prescribed person and the amount of the rebate under that subsection in respect of the complex, interest or addition, as the case may be, is equal to the total of all amounts each of which is an amount, in respect of each residential unit that forms part of the complex or addition and that is a qualifying residential unit of the person at the specified time — being the time at which the tax in respect of the complex, interest or addition, as the case may be, first becomes payable in respect of the purchase from the supplier (within the meaning of subparagraph 256.2(3)(a)(i) of the Act) or is deemed to have been paid by the person in respect of the deemed purchase (within the meaning of subparagraph 256.2(3)(a)(ii) of the Act) — equal to the lesser of $24,000 and the amount determined by the formula A × B where A is 75% of the total tax under subsection 165(2) of the Act that, at the specified time, is payable in respect of the purchase from the supplier or is deemed to have been paid in respect of the deemed purchase of the complex or addition; and B is (a) if the unit is a single unit residential complex or a residential condominium unit, 1, and (b) in any other case, the unit’s percentage of the total floor space. Land and building — Newfoundland and Labrador (4) Subject to subsections (13) to (15), if a person is entitled to claim a rebate under subsection 256.2(3) of the Act in respect of a residential complex, an interest in a residential complex or an addition to a multiple unit residential complex, situated in Newfoundland and Labrador, for the purposes of subsection 256.21(1) of the Act, the person is a prescribed person and the amount of the rebate under that subsection in respect of the complex, interest or addition, as the case may be, is equal to the total of all amounts each of which is an amount, in respect of each residential unit that forms part of the complex or addition and that is a qualifying residential unit of the person at the specified time — being the time at which the tax in respect of the complex, interest or addition, as the case may be, first becomes payable in respect of the purchase from the supplier (within the meaning of subparagraph 256.2(3)(a)(i) of the Act) or is deemed to have been paid by the person in respect of the deemed purchase (within the meaning of subparagraph 256.2(3)(a)(ii) of the Act) — equal to the amount determined by the formula A × ($450,000 − B)/$100,000 where A is the lesser of $12,600 and the amount determined by the formula A 1 × A 2 where A 1 is 36% of the total tax under subsection 165(2) of the Act that, at the specified time, is payable in respect of the purchase from the supplier or is deemed to have been paid in respect of the deemed purchase of the complex or addition, and A 2 is (i) if the unit is a single unit residential complex or a residential condominium unit, 1, and (ii) in any other case, the unit’s percentage of total floor space; and B is