Real Property (GST/HST) Regulations — 5
Rebates — provincial component 5 (1) Subject to subsections (6) and (7), if a person is entitled to claim a rebate under subsection 256.2(3) of the Act in respect of a taxable supply of a residential complex, an interest in a residential complex or an addition to a multiple unit residential complex, if the residential complex is situated in Ontario, Nova Scotia, Prince Edward Island or Newfoundland and Labrador and if subsection 256.2(3.1) of the Act applies in respect of the taxable supply of the residential complex, interest or addition, then, for the purposes of subsection 256.21(1) of the Act, the following rules apply: (a) section 47 of the New Harmonized Value-added Tax System Regulations, No. 2 does not apply in respect of the residential complex, interest or addition, as the case may be; and (b) the person is a prescribed person and the amount of the rebate under subsection 256.21(1) of the Act in respect of the residential 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 residential 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 residential 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 (i) in the case of a residential complex situated in Ontario, Nova Scotia or Newfoundland and Labrador, the amount determined by the formula A × B where A is 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, and B is the unit’s percentage of total floor space, and (ii) in the case of a residential complex situated in Prince Edward Island, (A) if the conditions set out in paragraph 256.2(3.1)(a) of the Act are met in respect of the taxable supply and the construction or last substantial renovation of the residential complex or addition, as the case may be, is substantially completed before 2029, or if the conditions set out in paragraph 256.2(3.1)(b) of the Act are met in respect of the taxable supply and the construction or alteration necessary to effect the conversion is substantially completed before 2029, the lesser of $35,000 and the amount determined by the formula C × D where C is 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, and D is the unit’s percentage of total floor space, (B) if the conditions set out in paragraph 256.2(3.1)(a) of the Act are met in respect of the taxable supply and the construction or last substantial renovation of the residential complex or addition, as the case may be, is substantially completed in 2029, or if the conditions set out in paragraph 256.2(3.1)(b) of the Act are met in respect of the taxable supply and the construction or alteration necessary to effect the conversion is substantially completed in 2029, the lesser of $31,500 and the amount determined by the formula E × F where E is 90% 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, and F is the unit’s percentage of total floor space, (C) if the conditions set out in paragraph 256.2(3.1)(a) of the Act are met in respect of the taxable supply and the construction or last substantial renovation of the residential complex or addition, as the case may be, is substantially completed in 2030,