- The Prime Minister announced temporary measures to boost rental housing development on September 14, 2023.
- A full rebate of the GST or federal portion of the HST is available for newly constructed purpose-built rental housing.
- Ontario, Nova Scotia, and Newfoundland and Labrador will align with the federal initiative, offering a full rebate of the provincial share of the HST.
- Prince Edward Island will align with the federal rebate but will cap the maximum amount per unit and apply a lower rebate for projects completed after 2028.
- Eligibility for the rebate requires units to qualify under the existing GST/HST new residential rental property rebate framework.
- The building must have multiple residential units with either a minimum of four units each having a private kitchen, bathroom, and living space, or at least 10 separate private rooms or suites.
- At least 90 percent of the units must be intended for long-term residential rental or similar arrangements.
- Construction must begin after September 13, 2023, but before 2031, and be substantially completed before 2036.
- The rebate does not apply to single residential units, condominiums, duplexes, triplexes, owned homes on leased land, residential trailer park sites, or substantially renovated residential properties.
Source: bakertilly.ca
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
