Excise Tax Act — E-15 254.1
red to in paragraph (a) or of any other structure that forms part of the complex, other than consideration that can reasonably be regarded as rent for the supplies of the land attributable to the complex or as consideration for the supply of an option to purchase that land, and (i) if the fair market value referred to in paragraph (c) is more than $367,500 but less than $472,500, the amount determined by the formula A × [($472,500 - B)/$105,000] where A is the lesser of $6,300 and 1.71% of the total consideration, and B is the fair market value referred to in paragraph (c). (2.01) [Repealed, 2026, c. 2, s. 5] (2.02) [Repealed, 2026, c. 2, s. 5] Additional building-only rebate — first-time home buyer (2.1) If (a) a particular individual is entitled to claim a rebate under subsection (2) in respect of a residential complex or would be so entitled if the references in paragraphs (2)(c) and (i) to “$472,500” were read as “$1,575,000”, (b) the agreement referred to in paragraph (2)(a) is entered into after March 19, 2025 and before 2031, (c) the construction or substantial renovation of the residential complex begins before 2031 and is substantially completed before 2036, (d) possession of the residential complex is transferred to the particular individual before 2036, and (e) the particular individual (i) at the time the particular individual becomes liable or assumes liability under the agreement, is acquiring the residential complex for use as their primary place of residence, (ii) is the first individual to occupy the residential complex as a place of residence after the construction or substantial renovation of the residential complex is substantially completed, and (iii) is a first-time home buyer at the particular time at which possession of the residential complex is transferred to the particular individual, the Minister shall, subject to subsection (3), pay a rebate to the particular individual, in addition to the rebate, if any, payable under subsection (2) to the particular individual, equal to (f) if the fair market value of the residential complex referred to in paragraph (2)(c) is not more than $1,050,000, the amount determined by the formula A − B where A is the lesser of $50,000 and 4.77% of the total consideration, within the meaning of paragraph (2)(h), in respect of the residential complex, and B is the amount of the rebate, if any, under subsection (2) that the particular individual is entitled to claim in respect of the residential complex, and (g) if the fair market value of the residential complex referred to in paragraph (2)(c) is more than $1,050,000 but less than $1,575,000, the amount determined by the formula C × [($1,575,000 − D) ÷ $525,000] where C is the lesser of $50,000 and 4.77% of the total consideration, within the meaning of paragraph (2)(h), in respect of the residential complex, and D is the fair market value. Exception (2.2) A rebate under this section shall not be paid in respect of a residential complex where the builder of the complex is not required, because of an Act of Parliament (other than this Act) or any other law, to pay or remit the tax that the builder is deemed to have paid and collected under subsection 191(1) in respect of a supply of the complex deemed to have been made under that subsection. Application for rebate (3) A rebate under this section in respect of a residential complex shall not be paid to an individual unless the individual files an application for the rebate within two years after the day possession of the complex is transferred to the individual. Application to builder (4) Where (a) the builder of a residential complex that is a single unit residential complex or a residential condominium unit makes a supply of the complex to an individual under an agreement referred to in paragraph (2)(a) and transfers possession of the complex to the individual under the agreement, (b) the individual, within two years after the day possession of the complex is transferred to