Excise Tax Act — E-15 254
e Minister shall, subject to subsection (3), pay a rebate to the particular individual equal to (h) where the total consideration is not more than $350,000, an amount equal to the lesser of $6,300 and 36% of the total tax paid by the particular individual, and (i) where the total consideration is more than $350,000 but less than $450,000, the amount determined by the formula A × [($450,000 - B)/$100,000] where A is the lesser of $6,300 and 36% of the total tax paid by the particular individual, and B is the total consideration. (2.01) [Repealed, 2026, c. 2, s. 4] (2.02) [Repealed, 2026, c. 2, s. 4] Additional new housing rebate — first-time home buyer (2.1) If (a) a particular individual is entitled to claim a rebate under subsection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 that is a single unit residential complex or a residential condominium unit or would be so entitled if the references in paragraphs (2)(c) and (i) to “$450,000” were read as “$1,500,000”, (b) the agreement of purchase and sale referred to in paragraph (2)(b) 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) ownership 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 of purchase and sale, 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 ownership 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 total consideration, within the meaning of paragraph (2)(c), in respect of the residential complex is not more than $1,000,000, the amount determined by the formula A − B where A is the lesser of $50,000 and the total tax paid by the particular individual, within the meaning of paragraph (2)(d), 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 total consideration, within the meaning of paragraph (2)(c), in respect of the residential complex is more than $1,000,000 but less than $1,500,000, the amount determined by the formula C × [($1,500,000 − D) ÷ $500,000] where C is the lesser of $50,000 and the total tax paid by the particular individual, within the meaning of paragraph (2)(d), in respect of the residential complex, and D is the total consideration. Application for rebate (3) A rebate under this section in respect of a residential complex or residential condominium unit shall not be paid to an individual unless the individual files an application for the rebate within two years after the day ownership of the complex or unit is transferred to the individual. Application to builder (4) Where (a) the builder of a single unit residential complex or a residential condominium unit has made a taxable supply of the complex or unit by way of sale to an individual and has transferred ownership of the complex or unit to the individual under the agreement for the supply, (b) tax under Division II has been paid, or is payable, by the individual in respect of the supply, (c) the individual, within two years after the day ownership of the complex or unit is transferred to the individual under the agreement for the supply, submits to the builder in prescribed manner an application in prescribed form containi