Common use of GST/HST Clause in Contracts

GST/HST. a) Subject to Schedule “H” attached hereto the Vendor and Purchaser agree that the Purchase Price (but not any Adjustments, upgrades and/or extras on which the Purchaser agrees to pay GST/HST in accordance with the relevant legislation) includes GST/HST payable in respect of this transaction and the Vendor shall, subject to Subsection 2.7(c) remit the GST/HST out of the Purchase Price on behalf of the Purchaser. For the purposes of this Agreement “GST/HST” means the tax payable under Section 165 of the Excise Tax Act (Canada) including the provincial component thereof payable under Subsection 165(2), if applicable. The parties acknowledge that the provincial component of the GST/HST will apply to the within purchase and sale if this Agreement is completed and both ownership and possession of the Property is transferred to the Purchaser after June 30, 2010. b) The Purchaser agrees to submit to the Vendor on or before the Closing Date a properly completed and fully executed application in the prescribed form for the new housing rebates as set out in Section 254 of the Excise Tax Act (Canada) (the “Rebate”) together with an assignment of the Purchaser’s right, title and interest in and to the Rebate to the Vendor, together with such documentation as the Vendor may require from time to time to give effect to the foregoing. c) The Purchaser acknowledges and confirms that the dwelling is being acquired for use as a primary place of residence of the Purchaser or a relation of the Purchaser, in accordance with Section 254 of the Excise Tax Act (Canada) as may be amended from time to time prior to the Closing Date, and the Purchaser agrees to execute and deliver to the Vendor upon execution of the Agreement and on the Closing Date a statutory declaration of the Purchaser on the Vendor’s form to that effect, together with such other documentation and evidence which the Vendor may require from time to time to give effect to the foregoing.

GST/HST. a) Subject to Schedule “H” attached hereto the Vendor and Purchaser agree that the Purchase Price (but not any Adjustmentsadjustments, upgrades and/or extras on which the Purchaser agrees to pay GST/HST in accordance with the relevant legislation) includes GST/HST payable in respect of this transaction and the Vendor shall, subject to Subsection Subparagraph 2.7(c) remit the GST/HST out of the Purchase Price on behalf of the Purchaser. For the purposes of this Agreement “GST/HST” means the tax payable under Section 165 of the Excise Tax Act (Canada) including the provincial component thereof payable under Subsection 165(2), if applicable. The parties acknowledge that the provincial component of the GST/HST will apply to the within purchase and sale if this the Agreement is completed and both ownership and possession of the Property property is transferred to the Purchaser after June 30, 2010. b) The Purchaser agrees to submit to the Vendor on or before the Closing Date a properly completed and fully executed application in the prescribed form for the new housing rebates as set out in Section section 254 of the Excise Tax Act (Canada) (the “Rebate”) together with an assignment of the Purchaser’s right, title and interest in and to the Rebate to the Vendor, together with such documentation as the Vendor may require from time to time to give effect to the foregoing. c) The Purchaser acknowledges and confirms that the dwelling is being acquired for use as a primary place of residence of the Purchaser or a relation of the Purchaser, in accordance with Section 254 of the Excise Tax Act (Canada) as may be amended from time to time prior to the Closing DateClosing, and the Purchaser agrees to execute and deliver to the Vendor upon execution of the Agreement and on the Closing Date a statutory declaration of the Purchaser on the Vendor’s form to that effect, together with such other documentation and evidence which the Vendor may require from time to time to give effect to the foregoing. d) Subject to Schedule “H” attached hereto the Purchaser acknowledges that the Purchase Price has been calculated on the basis of the Vendor receiving the full benefit of the Rebate in an amount applicable as of the date of execution of this Agreement. If the Vendor does not receive the benefit of the Rebate, whether or not as a result of the Purchaser’s acts or omissions, the Purchase Price shall be increased by the amount of the Rebate not received. e) The Purchaser agrees to pay as an adjustment on Closing the GST/HST exigible on any adjustments to the Purchase Price credited to the Vendor on the Adjustments.

GST/HST. (a) Subject to Schedule “H” attached hereto The Purchaser and the Vendor and Purchaser agree Vendors acknowledge that the Purchase Price does not include any HST, QST or any Tax imposed under any provision of any applicable provincial legislation imposing a similar value-added or multi-staged Tax. (but not any Adjustmentsb) The Purchaser and the Vendors acknowledge and agree that Purchaser is acquiring ownership, upgrades and/or extras on which possession and use of substantially all of assets reasonably necessary for the Purchaser agrees to pay GST/carry on the Business and that the purchase and sale of the Purchased Assets shall be completed on the basis that no HST in accordance with or QST (and no Tax imposed under any provision of any applicable provincial legislation imposing a similar value-added or multi- staged Tax) will be payable by the relevant legislation) includes GST/HST payable Purchaser in respect of this transaction the purchase and sale of the Purchased Assets. (c) The Purchaser and the Vendor shall, subject to Subsection 2.7(c) remit Vendors shall jointly make the GST/HST out of the Purchase Price on behalf of the Purchaser. For the purposes of this Agreement “GST/HST” means the tax payable elections provided for under Section 165 section 167 of the Excise Tax Act (Canada) including the provincial component thereof and under any provision of any applicable legislation imposing a similar value-added or multi-staged Tax so that no HST or QST will be payable under Subsection 165(2), if applicable. The parties acknowledge that the provincial component in respect of the GST/transactions contemplated by this Agreement. (d) The Purchaser and the Vendors shall complete the election forms in respect of such elections. (e) The Purchaser shall file such elections no later than the due date for the Purchaser’s HST will apply to returns for the within first reporting period in which HST would, in the absence of filing such elections, become payable in connection with the transactions contemplated by this Agreement. If however, any HST or any other Tax imposed under any provision of any applicable provincial legislation imposing a similar value-added or multi-staged Tax is payable in respect of the purchase and sale if this Agreement is completed and both ownership and possession of the Property is transferred Purchased Assets, the Purchaser shall pay to the Purchaser after June 30Vendors, 2010. b) The Purchaser agrees to submit promptly upon demand, such amounts and the Vendors shall remit on a timely basis such payment to the Vendor on or before the Closing Date a properly completed and fully executed application in the prescribed form for the new housing rebates as set out in Section 254 of the Excise Tax Act Canada Revenue Agency (Canada) (the “Rebate”) together with an assignment of the Purchaser’s right, title and interest in and to the Rebate any applicable provincial taxation authority) and provide to the Vendor, together with Purchaser evidence in writing of such documentation as the Vendor may require from time to time to give effect to the foregoing. c) remittance. The Purchaser acknowledges Vendors shall be liable for and confirms that the dwelling is being acquired shall pay for use any applicable interest or penalties payable as a primary place result of residence any late payment of the Purchaser HST (and any Tax imposed under any provision of any applicable provincial legislation imposing a similar value- added or a relation of the Purchaser, in accordance with Section 254 of the Excise Tax Act (Canada) as may be amended from time to time prior to the Closing Date, and the Purchaser agrees to execute and deliver to the Vendor upon execution of the Agreement and on the Closing Date a statutory declaration of the Purchaser on the Vendor’s form to that effect, together with such other documentation and evidence which the Vendor may require from time to time to give effect to the foregoingmulti-staged Tax).