Ads Google

Am I eligible for a GST/HST Rebate?

by Kandace Gallant on 11 Dec 2020

Are you eligible for a GST/HST Rebate?

Whether you’re a new or accomplished real estate investor, you can qualify to receive a GST/HST Rebate in Ontario of up to $30,000. Whether you’ve undergone a substantial renovation or have purchased a new residential rental property, here’s some vital information you need to know.

New Residential Rental Property Rebate (NRRP)

You may be eligible for an NRRP Rebate if you:

  • Are a Canadian resident and landlord
  • Have purchased a newly constructed home from a builder
  • Have substantially renovated a residential rebate property
  • Have built or hired someone to build you a new residential rental property
  • Have added a substantial addition to your residential property
  • Plan on leasing to tenants for at least one year

You must apply for the rebate two years from the closing date or after your renovations are completely finished in order to qualify for the NRRP Rebate. You’ll also want to ensure that you keep all the necessary documentation/receipts in order to apply.

Substantial Renovation Rebate

A “substantial renovation”, according to the Canada Revenue Agency (CRA), is when you’ve had to remove and replace more than 90 per cent or more of your home or new residential rental property. If you have completed these renovations in the last two years, you may qualify to receive a maximum rebate of $30,000. Make sure you keep your proof of purchase, invoices for contractors and subcontractors, and any receipts for goods and services.

Want to find out how much you can get back?

We know that you want to know exactly how much you can get back with absolutely no upfront fees. You can do just that by using our HST Rebate Calculator.

Post a Comment

Most Trending News

Training new skilled trades workers must be a priority

While there has been a deceleration in new home sales, we must keep the pedal to the metal and continue to train skilled trades workers for the future.

Read More
To build 1.5M homes, we must think outside the box

Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.

Read More
Upcoming free event: Canadian Real Estate Investment Summit

This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.

Read More