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 submitted within two years of closing. It is only buyers who have fully paid HST on their property purchases, who qualify for rebates. Relevant paperwork needs to be correctly submitted within the stipulated deadline since late filings may end up jeopardizing the entire process.
Property buyers and landlords should take note of the fact that NRRP rebates lie within the jurisdiction of the Canadian Revenue Authority. Therefore, processing the rebates takes time. It is advisable to file a claim as soon as the purchase deal is closed, and the lease agreement is signed.
Do you wish to make an accurate HST claim with the help of a tax professional? Contact Finance My HST today via (888) 660-4413 and enhance your chances of getting a high payout.
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 submitted within two years of closing. It is only buyers who have fully paid HST on their property purchases, who qualify for rebates. Relevant paperwork needs to be correctly submitted within the stipulated deadline since late filings may end up jeopardizing the entire process.
Property buyers and landlords should take note of the fact that NRRP rebates lie within the jurisdiction of the Canadian Revenue Authority. Therefore, processing the rebates takes time. It is advisable to file a claim as soon as the purchase deal is closed, and the lease agreement is signed.
Do you wish to make an accurate HST claim with the help of a tax professional? Contact Finance My HST today via (888) 660-4413 and enhance your chances of getting a high payout.
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