Excise Tax Act — E-15 254.1
Definitions 254.1 (1) In this section, long-term lease , in respect of land, means a lease, licence or similar arrangement under which continuous possession of the land is provided for a period of at least twenty years or a lease, licence or similar arrangement that contains an option to purchase the land; ( bail de longue durée ) relation of a particular individual means another individual who is related to the particular individual or who is a former spouse or common-law partner of the particular individual; ( proche ) single unit residential complex includes (a) a multiple unit residential complex that does not contain more than two residential units, and (b) any other multiple unit residential complex if it is described by paragraph (c) of the definition residential complex in subsection 123(1) and contains one or more residential units that are for supply as rooms in a hotel, motel, inn, boarding house, lodging house or similar premises and that would be excluded from being part of the residential complex if the complex were a residential complex not described by that paragraph. ( immeuble d’habitation à logement unique ) New housing rebate for building only (2) Where (a) under an agreement entered into between a particular individual and a builder of a residential complex that is a single unit residential complex or a residential condominium unit, the builder makes to the particular individual (i) one or more exempt supplies under a long-term lease of, or a supply by way of an assignment of a long-term lease of, the land attributable to the complex, and (ii) an exempt supply by way of sale of the building or part thereof in which the residential unit forming part of the complex is situated, (b) at the time the particular individual becomes liable or assumes liability under the agreement, the particular individual is acquiring the complex for use as the primary place of residence of the particular individual or of a relation of the particular individual, (c) the fair market value of the complex, at the time possession of the complex is given to the particular individual under the agreement, is less than $472,500, (d) the builder is deemed under subsection 191(1) or (3) to have made a supply of the complex as a consequence of giving possession of the complex to the particular individual under the agreement, (e) possession of the complex is given to the particular individual after the construction or substantial renovation of it is substantially completed, (f) after the construction or substantial renovation is substantially completed and before possession of the complex is given to the particular individual under the agreement, the complex was not occupied by any individual as a place of residence or lodging, and (g) either (i) the first individual to occupy the complex as a place of residence after substantial completion of the construction or substantial renovation is the particular individual or a relation of the particular individual, or (ii) the particular individual makes an exempt supply by way of sale or assignment of the whole of the particular individual’s interest in the complex and possession of the complex is transferred to the recipient of the supply before the complex is occupied by any individual as a place of residence or lodging, the Minister shall, subject to subsection (3), pay a rebate to the particular individual equal to (h) if the fair market value referred to in paragraph (c) is not more than $367,500, an amount equal to 1.71% of the total (in this subsection referred to as the “total consideration”) of all amounts, each of which is the consideration payable by the particular individual to the builder for the supply by way of sale to the particular individual of the building or part of a building referred 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 comp