Ontario New Residential Rental Property Rebate (NRRPR).
IF YOU HAVE RECENTLY PURCHASED A HOME (OR CONDOMINIUM) WITH THE INTENTION RENTING IT OUT, THEN THE PROPERTY WOULD BE CONSIDERED AN INVESTMENT PROPERTY. AS A PURCHASER OF AN INVESTMENT PROPERTY IN ONTARIO, YOU MAY BE ELIGIBLE FOR THE NEW RESIDENTIAL RENTAL PROPERTY REBATE (NRRPR).
When you purchase an investment property, you are generally required to pay the HST on the purchase and subsequently apply for an HST rebate from the government. The rebate amount can be significant as it can reach a maximum of $24,000.
To determine your eligibility for the HST rebate, there are specific criteria which you must meet, this criteria is outlined by the Canada Revenue Agency.
AZ Chartered Professional Accounting specializes in HST rebates for new residential rental properties in the province of Ontario and assist you by completing and submitting the HST rebate application for you.