New Harmonized Value-added Tax System Regulations, No. 2 — 47
d (ii) in any other case, the unit’s percentage of total floor space; and B is the greater of $350,000 and (i) if the residential unit is a single unit residential complex or a residential condominium unit, the fair market value of the residential unit at the particular time at which tax first becomes payable in respect of the purchase from the supplier or tax in respect of the deemed purchase is deemed to have been paid by the cooperative, and (ii) in any other case, the amount determined by the formula B 1 × B 2 where B 1 is the unit’s percentage of total floor space, and B 2 is the fair market value of the residential complex at the particular time. Land leased for residential purposes — Ontario (9) Subject subsections (13) and (14), if a person is entitled to claim a rebate under subsection 256.2(6) of the Act in respect of an exempt supply of land situated in Ontario, or the person would be so entitled if the amount determined for B in the formula in that subsection were less than $112,500, for the purposes of subsection 256.21(1) of the Act, the person is a prescribed person and the amount of the rebate in respect of the land under that subsection is equal to (a) in the case of a supply of a site in a residential trailer park or in an addition to a residential trailer park, the lesser of $7,920 multiplied by the total number of sites in the park or addition, as the case may be, and (i) if the person is deemed to have paid tax calculated on the fair market value of the park or addition in respect of the taxable supply referred to in subparagraph 256.2(6)(a)(ii) of the Act, 75% of the tax under subsection 165(2) of the Act that is deemed to have been paid in respect of that supply, or (ii) if the person is deemed to have paid tax at any time equal to the basic tax content of the park or addition in respect of the taxable supply referred to in subparagraph 256.2(6)(a)(ii) of the Act, 75% of the provincial portion of the basic tax content of the park or addition at that time; and (b) in any other case, the lesser of $7,920 and (i) if the person is deemed to have paid tax calculated on the fair market value of the land in respect of the taxable supply referred to in subparagraph 256.2(6)(a)(ii) of the Act, 75% of the tax under subsection 165(2) of the Act that is deemed to have been paid in respect of that supply, or (ii) if the person is deemed to have paid tax at any time equal to the basic tax content of the land in respect of the taxable supply referred to in subparagraph 256.2(6)(a)(ii) of the Act, 75% of the provincial portion of the basic tax content of the land at that time. Land leased for residential purposes — Newfoundland and Labrador (10) Subject to subsections (13) and (14), if a person is entitled to claim a rebate under subsection 256.2(6) of the Act in respect of an exempt supply of land situated in Newfoundland and Labrador, for the purposes of subsection 256.21(1) of the Act, the person is a prescribed person and the amount of the rebate in respect of the land under that subsection is equal to the amount determined by the formula A × ($112,500 − B)/$25,000 where A is (i) in the case of a taxable supply in respect of which the person is deemed to have paid tax calculated on the fair market value of the land, 36% of the tax under subsection 165(2) of the Act that is deemed to have been paid in respect of that supply, and (ii) in the case of a taxable supply in respect of which the person is deemed to have paid tax equal to the basic tax content of the land, 36% of the provincial portion of the basic tax content of the land at the time at which the person is deemed to have paid the tax in respect of the taxable supply; and B is the greater of $87,500 and (i) in the case of a supply of land included in paragraph 7(a) of Part I of Schedule V to the Act, the fair market value of the land at the time at which the person is deemed to have paid tax in respect of the taxable supply, and (ii) in the case of a supply o