How to qualify for $24,000 of rebates from CRA using the GST/HST New Housing Rebate in Ontario.

January 10, 2024

If you are a landlord in Ontario who has purchased or constructed a new or substantially renovated rental property, you may be eligible for a rebate of up to $24,000 from the Canada Revenue Agency (CRA). The GST/HST new housing rebate for landlords. This rebate allows eligible landlords to recover a portion of the GST/HST paid on the purchase or construction of the property.

To be eligible for the GST/HST new housing rebate for landlords, the property must be a residential complex that is intended for rent, and the landlord must have paid at least $1,000 in GST/HST on the purchase or construction of the property. The amount of the rebate is based on the GST/HST paid and the landlord's circumstances, such as the purchase price of the property and the number of rental units.  The GST/HST new housing rebate for landlords can provide significant savings.  To apply for the GST/HST new housing rebate for landlords, the landlord must complete and submit Form GST524, GST/HST New Housing Rebate Application for Houses Purchased from a Builder, to the Canada Revenue Agency (CRA). The landlord must include all of the required documentation, such as a copy of the purchase agreement, a copy of the GST/HST paid, and proof of payment of the GST/HST.  

The GST/HST new housing rebate for landlords can provide significant savings for eligible landlords in Ontario who have purchased or constructed a new or substantially renovated rental property. By completing and submitting the appropriate forms and documentation, landlords can recover a portion of the GST/HST paid on the purchase or construction of the property.      

The process of applying for the GST/HST new housing rebate for landlords can be complicated, and it's important to ensure that all of the required documentation is complete and accurate. Our team of experienced tax professionals has successfully obtained over $200,000 in rebates for our clients over the years, and we can help you navigate the process and maximize your rebate. Contact us today to schedule a consultation and let us help you get the GST/HST new housing rebate for landlords.

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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 a specific consultation. Lucas CPA Professional Corporation will not be held liable for any problems that arise from the usage of the information provided on this page.

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