Excise Tax Act — E-15 256
x begins after March 19, 2025 and before 2031 and is substantially completed before 2036, and (c) the particular individual (i) is the individual for whom the residential complex is being constructed or substantially renovated 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 begun, (iii) first occupies the residential complex as a place of residence before 2036, and (iv) is a first-time home buyer at the particular time that is the earlier of the time at which the residential complex is first occupied by the particular individual as a place of residence and the time at which the construction or substantial renovation of the residential complex is substantially completed, 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 the amount determined by the formula A × [($1,500,000 − B) ÷ $500,000] − C where A is the lesser of $50,000 and the total tax paid by the particular individual, within the meaning of paragraph (2)(c), in respect of the residential complex before (i) if the fair market value of the residential complex referred to in paragraph (2)(b) is less than $450,000, an application for the rebate under subsection (2) in respect of the residential complex is filed with the Minister in accordance with subsection (3), and (ii) in any other case, an application for the rebate under this subsection in respect of the residential complex is filed with the Minister in accordance with subsection (3), B is the greater of $1,000,000 and the fair market value of the residential complex referred to in paragraph (2)(b), and C 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. Homes occupied before substantial completion (2.11) If an individual acquires an improvement in respect of a residential complex that the individual is constructing or substantially renovating and tax in respect of the improvement becomes payable by the individual more than two years after the day the residential complex is first occupied as described in subparagraph (2)(d)(i) or (2.1)(c)(ii), as applicable, that tax shall not be included in determining the total tax paid by the individual within the meaning of paragraph (2)(c). Mobile homes and floating homes (2.2) For the purposes of this section, where (a) a particular individual purchases or imports a mobile home or floating home that has never been used or occupied by any individual as a place of residence or lodging and does not file with the Minister, or submit to the supplier, an application for a rebate in respect of the home under any of subsections 254(2) and (2.1) and 254.1(2) and (2.1), (b) the particular individual is acquiring or importing the mobile home or floating home for use as the primary place of residence of the particular individual or of a relation of the particular individual, and (c) the first individual to occupy the mobile home or floating home at any time is the particular individual or a relation referred to in paragraph (b), or the particular individual at any time transfers ownership of the home under an agreement for an exempt supply by way of sale of the home, the particular individual is deemed to have constructed the mobile home or floating home and to have substantially completed the construction immediately before the earlier of the times referred to in paragraph (c) and, in the case of a mobile home or floating home imported by the individual, any use or occupation of the home outside Canada is deemed not to be use or occupation of the home. Application for rebate (3) A rebate under this section in respect of a residential complex shall not be paid to an individual unless the indiv