- The Canadian Revenue Agency updated guidelines for the home construction industry covering 2022 to 2025
- Changes include rules for newly constructed or substantially renovated residential housing, GST/HST returns filing, and rebates for rental housing
- Since May 2022, all assignment sales of certain residential properties must include GST/HST
- Previously, GST/HST was only required in specific scenarios like profit-driven sales or business-related transactions
- Starting in 2024, all registered taxable persons are required to file GST/HST returns electronically, except for listed financial institutions and most charities
- Payments over CAD 10,000 to the Receiver General for Canada must also be made electronically from 2024
- The Canadian government increased the GST/HST rebate for new residential rental properties from a maximum of 36% to 100%
- The new rebate system removes phase-out thresholds, allowing full rebates regardless of property value under certain conditions
- These updates aim to modernize the sector, encourage rental construction, address housing shortages, and promote investment in long-term rental developments in Canada
Source: vatabout.com
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.
