Fill out this form if you purchased or built a new residential rental property, substantially renovated a residential rental property, made an addition to a multiple unit residential rental property, converted a commercial property into a residential rental property, or leased land for residential purposes and you want to claim the GST/HST rebate.. Since the Ontario rebate is capped at a maximum property value of $400,000, most properties will receive a maximum refund of $24,000. If you receive the rebate for the new residential rental property and subsequently sell it within one year, CRA may ask you to repay the rebate unless the property is a principal residence for the new buyer.
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Rachel rents the condo out to a tenant and has a one-year lease agreement signed. Rachel is entitled to a new housing rebate of $27,150: The federal portion of the rebate: $6,300 x ($450,000-$400,000)/100,000 = 6300 x 50% = $3,150. The Ontario portion of the rebate: $44,200 x 8/13 = $32,000 Ontario Portion of HST x 75% = $24,000.. RC4231 GST/HST New Residential Rental Property Rebate. Date modified: 2020-12-08. Fill out this Ontario rebate schedule to calculate your rebate amount for the Ontario new residential rental property rebate for single unit, unit in a co-op or a unit in a multiple unit residential complex or addition.
