Understanding HST Rebate on New Residential Rental Property in Ontario
Ontario residents who have purchased newly-built homes or condos as an investment qualify for HST new residential rental property rebates (NRRP). They must however produce documentation to prove that they have tenants who have signed at least a one-year lease. Unlike HST rebates for primary residences, where HST can be paid after the purchase deal has been closed, HST new residential rental property rebate Ontario requires owners to pay HST upfront. It is advisable to maintain a copy of the claim forms besides all the original receipts, agreements, and written contracts that were used when filing the claim. Terms and Conditions for NRRP Rebates To qualify for HST new residential rental property rebate Ontario , buyers must immediately rent out their newly-purchased properties. Only buyers qualify for the rebate. Besides this, the rebates are only offered after the closure of the purchase deal, and when a lease of at least one year is in place. Rebate claims ought to be submi...