If Buyer agrees, when Seller collects HST from Buyer, seller will report HST collection on Line 103. Buyer will subsequently claim ITC on Line 106. Again, Buyer must have an HST number. It is very seldomly done in this manner.
If Buyer has no registered HST business number at time of transaction, the seller is required to collect HST and the Buyer must remit HST amount to the Seller. In this scenario, the Buyer is out of pocket and will not re-coup HST paid to the Seller. Therefore, obtaining HST BN is a MUST for any potential buyer of commercial property.
GST 62: Filing form used for reporting HST collected against HST paid out.
GST 524: Rebate application on Federal HST portion of purchases.
RC7524ON: Rebate application on Ontario HST portion of purchases.
RC1: Application Form for obtaining HST number or any other CRA account number.
T2091: Declaration of Principal Residence upon disposition of Home after residing over 2 years.