HST Rebate definition
Examples of HST Rebate in a sentence
In the event that the Purchaser does not personally occupy the Dwelling as the Purchaser’s principal residence and deliver on closing the necessary documents, evidence and affidavits required by the Vendor with respect to HST, then the Purchaser shall pay an amount on the Closing Date equal to such HST Rebate that would have been available had the Purchaser occupied the Dwelling as the Purchaser’s principal residence.
The Purchaser hereby assigns to the Purchaser or the Rebate Recipient, as applicable, all of the Purchaser’s right, title and interest in and to the HST Rebate including the Purchaser’s entitlement thereto, all in respect of the Real Property.
In this regard, the Purchaser hereby irrevocably authorizes the Vendor to execute any application for the HST Rebate, to complete any incomplete, incorrect or missing information in any application for HST Rebate and make amendments with respect thereto.
The Purchaser hereby constitutes and appoints the Vendor to be and act as the Purchaser’s lawful attorney, in the Purchaser’s name, place and stead, for the purpose of executing any application for HST Rebate and completing any incomplete, incorrect or missing information or making amendments to the application for HST Rebate, as aforesaid.
The payment of federal goods and services tax and the Province of Ontario's portion of any harmonized single sales tax (which combined harmonized single sales tax is called "HST") and the rebate of HST (that is both the federal and provincial rebates) for new houses is defined as "HST Rebate" under the Excise Tax Act (Canada) as amended and the regulations thereunder (the "ETA").
Purchaser acknowledges that this property is being purchased as a principle residence & therefore is eligible for the HST Rebate.
The Purchaser hereby agrees that the amount of the HST Rebate (plus HST) to be paid by the Purchaser to the Vendor (or as it may direct) in accordance herewith shall be a charge against the Real Property in favour of the Vendor, together with any interest, and secured by a lien (including a vendor's lien), charge or caution as the Vendor deems appropriate on and against the Real Property.
If for any reason the Purchaser is unable to sign the HST Rebate to the Vendor then the calculated value of the HST Rebate will be added to the purchase price indentified in this agreement and any following amendments.
The Purchaser agrees to assign the HST Rebate back to the Vendor on closing.
In the event that the Purchaser does not personally occupy the Dwelling as his principal residence and deliver on closing the necessary documents, evidence and affidavits required by the Vendor with respect to the HST, then the Purchaser shall pay an amount on closing equal to such HST Rebate that would have been available had the Purchaser occupied the Dwelling has his/her principal residence.