New Harmonized Value-added Tax System Regulations, No. 2 — 47
plex or addition, and A 2 is (i) if the unit is a single unit residential complex or a residential condominium unit, 1, and (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 unit is a single unit residential complex or a residential condominium unit, the fair market value of the unit at the specified time, 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 at the specified time of the residential complex or addition, as the case may be. Sale of building and lease of land — Ontario (5) Subject to subsections (13) and (14), if a person is entitled to claim a rebate under subsection 256.2(4) of the Act in respect of a residential complex or an addition to a multiple unit residential complex, situated in Ontario, or the person would be so entitled if the fair market value of the complex or addition were less than $450,000 for the purposes of that subsection and subsection 254.1(2) of the Act and the amount determined by the first formula in subsection 256.2(4) of the Act were a positive amount, 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 complex or addition under that subsection is equal to the total of all amounts each of which is an amount, in respect of a residential unit that forms part of the complex or addition, as the case may be, and is, in the case of a multiple unit residential complex or an addition to such a complex, a qualifying residential unit of the person at the specified time — being the time at which the person is deemed under section 191 of the Act to have made and received a taxable supply by way of sale of the complex or addition and to have paid tax in respect of that supply — determined by the formula A - B where A is the lesser of $24,000 and the amount determined by the formula A 1 × A 2 where A 1 is 75% of the tax under subsection 165(2) of the Act that is deemed under section 191 of the Act to have been paid by the person at the specified time, and A 2 is (a) if the unit is a single unit residential complex or a residential condominium unit, 1, and (b) in any other case, the unit’s percentage of total floor space; and B is the amount of the rebate, if any, under subsection 256.21(1) of the Act, the amount of which is determined under subsection 43 (1), that the recipient of the exempt supply by way of sale referred to in subparagraph 256.2(4)(a)(i) of the Act is entitled to claim in respect of the complex or unit. Sale of building and lease of land — Newfoundland and Labrador (6) Subject to subsections (13) and (14), if a person is entitled to claim a rebate under subsection 256.2(4) of the Act in respect of a residential complex or an addition to a multiple unit residential complex, 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 complex or addition under that subsection is equal to the total of all amounts each of which is an amount, in respect of a residential unit that forms part of the complex or addition, as the case may be, and is, in the case of a multiple unit residential complex or an addition to such a complex, a qualifying residential unit of the person at the specified time — being the time at which the person is deemed under section 191 of the Act to have made and received a taxable supply by way or sale of the complex or addition and to have paid tax in respect of that supply — determined by the formula A × ($450,000 − B)/$100,000 where A is the lesser of $12,600 and the amount determined by the formula A 1 × A 2 where A 1 is 36% of the tax under subsection 165(2) of the Act that is deemed under section 191 of the Act to have been paid by the person at the specified time, and A 2 is (i) if the unit is