Highlights of the PST Relief Grant
Program This program, administered by the
Homeowner Protection Office, provides grant assistance to eligible owners to repair damage
caused by the premature building envelope failure. The grant is based on a formula that
equates to the cost of PST paid on repairs.
Eligible recipients include strata buildings, housing
co-operatives and single detached dwellings. Investor-owned rental properties are not
eligible since repair costs can be deducted from rental income. Builders and warranty
companies also are not eligible for the grant. Assistnace is available on repairs
completed on or after July 28, 1998, the date the Homeowner Protection Act was
passed.
Generally, about 40 per cent of repair costs are subject
to PST. The amount of the grant will be based on the following formula:
total cost of repairs X
40% X the PST rate in effect when the repairs were paid for
(which is 7% prior to February 20, 2002 and 7.5% thereafter)
The application package will be available through the
Homeowner Protection Office. Supporting documentation required for the application
includes:
- a completed application form;
- a certificate to verify that the repair was necessary due
to a premature building envelope failure and not simply related to maintenance;
- a statutory declaration by the contractor confirming
repairs have been completed; and
- copies of contracts with change orders, invoices or
certificates of payment that support the cost of repairs being submitted on the
application.
Last Updated: November 25, 2003 |