Robert   Nardi

Robert Nardi

Broker

RE/MAX Premier Inc., Brokerage*

Mobile:
416-219-7840
Office:
416-743-2000
Email Me
Robert   Nardi

Robert Nardi

Broker

RE/MAX Premier Inc., Brokerage*

Mobile:
416-219-7840
Office:
416-743-2000
Email Me

Harmonized Sales Tax

 

HST Transition Rules

Bear in mind that the Ontario provincial government has provided guidance on how it will initiate this depressing new  Harmonized Sales Tax.

Background

Our munificent Ontario government intends to add the 8 % PST with the 5% GST, creating a 13 % HST.

  • The provincial government has indicated that it intends to bring the HST into effect beginning on July 1, 2010; however, note transition rules below.
  • HST will not apply on the purchase price of re-sale homes.
  • HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.
  • HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.  

 

Transitional Rules for New Housing

  • Generally, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010.
  • The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.

 

Additional Transitional Rules

  • Where services straddle the HST implementation date of July 1, 2010, the tax charged for the service may have to be split between the pre-July 2010 and post-June 2010 periods. However, the HST will generally not apply to a service if all or substantially all (90% or more) of the service is performed before July 2010.
  • Four key timelines are important (see below). All are based on the earlier of the time the consideration is either due (In general, an amount is due on the date of the invoice or the day required to be paid pursuant to a written agreement), or is paid without having become due. If consideration is due or paid,
  •  
    • Before October 15, 2009, HST will generally not apply (however, see above transition rules for new housing).
    • From October 15, 2009 to April 30, 2010, certain business that are not entitled to recover all of their GST/HST paid as input tax credit may be required to self-assess the provincial component of the HST with respect to goods or services supplied after June 30, 2010.
    • From May 1, 2010 to June 30, 2010, HST will generally apply for services supplied after June 30, 2010.
    • After June 30, 2010, HST will generally apply. An exception to this rule would be where ownership of the property is transferred before July 2010 or the invoice relates to services provided before July 2010.
  • With regard to the lease or license of goods, including non-residential real property, HST will generally apply to lease intervals or payment periods on or after July 1, 2010 and the general rules noted above will apply. However, where a lease interval begins before July 2010 and ends before July 31, 2010, it is not subject to HST.
  • With regard to the sale of non-residential property, HST is due where both possession and ownership of non-residential property occurs on or after July 1, 2010.

 

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Robert supports theand the Canadian Breast Cancer Society with Every SALE!

 

For the last 25 years, I have been committed to serving my clients as a top negotiator with professionalism and ethics. Honesty, perseverance and thoroughness, combined with resourcefulness are paramount in attempting to meet my client’s needs.
I have a Bachelor of Commerce degree with a major in accounting. Prior to my Real Estate Career, I worked in public accounting for over 8 years. My experience in accounting offered me what I believe to be a relative and specific area of expertise, assisting my clients in formulating budgets and mortgages. Have good working knowledge in residential, commercial and new construction sales. 
I contribute some of my success to a good team of other professionals that facilitate my work, but foremost of my Team Members. Having gained the theoretical knowledge and practical experience, your confidence in me will bring you the reward of realizing your real estate goals. We service the greater Toronto and surrounding areas. I am also a participant of the Children's Miracle  Network and Canadian Breast Cancer Society. A portion of each sale I make are contributed to these networks.  I also run an annual car rally with the Firebird club of Canada to raise money for the Children Wish Foundation. 

 

 

 

Robert Nardi:

 

 * Titan Award Winner 2018 - Top 100 Teams for Re/Max Canada #33 and World#85

 * Legend of Circles 2017 - Top 100 Teams for Re/Max Canada #35 and World #87

* Diamond Club 2014, 2015, 2016

* Platinum Award Winner 1997-2003, 2006-2013

* Chairman's Club 2003 - 2005

* Lifetime Achievement award 2007

* RE/MAX Hall of Fame

* Registered Relocation Specialist

 

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