What is the GST/HST of a new residential rental property (NRRP) rebate?
Allan Madan, CA
If you paid GST/HST on the purchase of a new residential rental property or substantially renovated residential rental property, you may qualify for the GST/HST NRRP rebate. If your property meets the definition of a qualifying residential unit, this rebate will allow you to receive all or a portion of the GST/HST paid on the purchase.
The criteria of a qualifying residence includes the nature of the unit itself, the purpose for which person supplies the unit, the nature of its occupancy, and the duration of the first occupancy.
You may be eligible to claim the provincial NRRP rebate if you qualify for the federal NRRP rebate for a rental property located in Ontario and you paid the HST or for a rental property located in British Columbia and the HST became payable before April 1, 2013.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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