- Joined
- Aug 30, 2015
- Messages
- 33
Hi,
My husband and I are closing on an investment property in BC. It is new construction, subject to GST and solely purchased for investment (not primary res). I've been told to acquire a GST # in order to remit the GST however the builder (seller) wants to do the same... the lawyers are in a bit of a stale mate and I'm not even sure if this is worth arguing about.
To complicate matters, my husband and I each have separate GST numbers however the builder is insisting that we must have one single number listed under both our names or they will not allow it. I know I can register us as a partnership and obtain one but is it necessary?
Can someone please tell me;
1). Is there a financial benefit to remitting the GST when the purchase price is over $450,000 (provincial legislation only allows a % GST rebate up to $450,000 from what I've read)
2). If there is a financial benefit, do we really need to register as a partnership and obtain a GST # through the CRA in order to remit?
Thank you very much for any help with this.. we close in less then a week!!!
My husband and I are closing on an investment property in BC. It is new construction, subject to GST and solely purchased for investment (not primary res). I've been told to acquire a GST # in order to remit the GST however the builder (seller) wants to do the same... the lawyers are in a bit of a stale mate and I'm not even sure if this is worth arguing about.
To complicate matters, my husband and I each have separate GST numbers however the builder is insisting that we must have one single number listed under both our names or they will not allow it. I know I can register us as a partnership and obtain one but is it necessary?
Can someone please tell me;
1). Is there a financial benefit to remitting the GST when the purchase price is over $450,000 (provincial legislation only allows a % GST rebate up to $450,000 from what I've read)
2). If there is a financial benefit, do we really need to register as a partnership and obtain a GST # through the CRA in order to remit?
Thank you very much for any help with this.. we close in less then a week!!!