RealtiWeb Ontario HST updates

RealtiWeb has been updated to incorporate HST for all types of transactions (purchase, sale or mortgage) and HST Rebates for new home purchases. Letters, documents and forms have also been updated to reflect the HST including the OREA forms.
 

1. Applicability of HST
   For new home purchases, RealtiWeb automatically determines applicability of HST based on the Contract Date and Final Closing Date or Interim Occupancy Date. 
   
   For all transaction types with a closing date on or after July 1, 2010, HST will be applied to Municipal Search Fees, Brokers’ Commissions, Legal Fees, etc. 
    
2. Tarion Fees
   If the enrolment date is prior to July 1, 2010, GST + PST will apply. If the enrolment is on or after July 1, then the HST applies.
    
3. New Home Rebate for Federal and Provincial Components of the HST
   For purchasers who meet conditions for claiming a new housing rebate, the new HST regime allows for rebates to both the federal and provincial components of the HST. The purchaser would be entitled to claim an Ontario new housing rebate of 75% of the provincial part of the HST, subject to a maximum amount of $24,000. The rebate of the federal part of the HST follows similar rules to the previous GST new housing rebate with the threshold for any federal rebate being a purchase price less than $450,000. 
   
   RealtiWeb automatically calculates rebate amounts for new home purchases. For a more detailed explanation of the calculations used, please contact our technical support team.
    
4. Retail Sales Tax (RST) Transitional New Housing Rebates for freehold and common element condominiums
   To compensate for the amount of RST embedded in New Home construction that straddles July 1, 2010, there exists a transitional RST rebate. While RealtiWeb will allow you to calculate this rebate, there exists no programming to determine eligibility for the transitional rebate. It will be up to RealtiWeb users to determine whether to include this rebate in the transaction.
    
5. HST applicability on LawyerDoneDeal transaction fees, custom programming and letterhead work
   For all transactions with a closing date on or after July 1, taxes will show on Account screens and documents as 13% HST, replacing the previous 5% GST and 8% PST. The Account Statement that you print for your own accounts will show HST for all deals with a closing date on or after July 1, 2010. 
   
   All custom programming or letterhead work completed on or after July 1, 2010 will be subject to HST.
    
6. HST on Legal Fees
   For all transactions with a closing date on or after July 1, HST will be calculated on legal fees and other items on the Statement of Account.
    
7. TitlePLUS Usage Fees on Account Screens and Account Documents
   For all transactions with a closing date on or after July 1, HST will apply to TitlePLUS usage fees.

For more information on HST and RealtiWeb, please contact our support hotline.