New Harmonized Value-added Tax System Regulations, No. 2

Definition of relation

• 45 (1) In this section, relation has the same meaning as in subsection 255(1) of the Act.

• Marginal note:Rebate in Ontario

  (2) For the purposes of subsection 256.21(1) of the Act, an individual is a prescribed person and the amount of the rebate under that subsection in respect of a share of the capital stock of a cooperative housing corporation is equal to the lesser of $24,000 and 5.31% of the total consideration referred to in paragraph (c), if

  • (a) the individual has acquired the share for the purpose of using a residential unit in a residential complex of the corporation that is situated in Ontario as the primary place of residence of the individual or of a relation of the individual;

  • (b) the corporation has paid tax under subsection 165(2) of the Act in respect of a taxable supply to the corporation of the complex; and

  • (c) the individual is entitled to claim a rebate under subsection 255(2) of the Act in respect of the share or would be so entitled if the total (in this subsection referred to as the “total consideration”) of all amounts, each of which is the consideration payable for the supply to the individual of the share or an interest in the corporation, complex or unit, were less than $508,500.

• Marginal note:Rebate in British Columbia

  (3) For the purposes of subsection 256.21(1) of the Act, an individual is a prescribed person and the amount of the rebate under that subsection in respect of a share of the capital stock of a cooperative housing corporation is equal to the lesser of $26,250 and 4.47% of the total consideration referred to in paragraph (c), if

  • (a) the individual has acquired the share for the purpose of using a residential unit in a residential complex of the corporation that is situated in British Columbia as the primary place of residence of the individual or of a relation of the individual;

  • (b) the corporation has paid tax under subsection 165(2) of the Act in respect of a taxable supply to the corporation of the complex; and

  • (c) the individual is entitled to claim a rebate under subsection 255(2) of the Act in respect of the share or would be so entitled if the total (in this subsection referred to as the “total consideration”) of all amounts, each of which is the consideration payable for the supply to the individual of the share or an interest in the corporation, complex or unit, were less than $504,000.

• Marginal note:Application for rebate

  (4) For the purposes of subsection 256.21(2) of the Act, an application for a rebate, the amount of which is determined under subsection (2) or (3), must be filed within two years after the day on which ownership of the share is transferred to the individual.