GST on a new home purchase

[KateMcKenzie]

Hi Everyone!

I am looking at purchasing a home that was recently constructed. Since it will be a rental property, I will have to pay GST. Does anyone know if I will be able to get the GST back by applying it against GST I collect in my corporation?

Thanks in advance for your help,

Kate

 

[ToddStokowski]

If your corporation plans on using the property for long term residential rents and the first lease is for a period of at least one year, the corporation should be eligible for a rebate on some of the GST paid in connection with the purchase.

As there may be some details that I don`t know about your specific situation, I recommend that you check with your accountant.

Todd Stokowski, CA

 

[Sherwoodparkcondos]

Hi Kate,
The CRA offers a GST rebate on new rental properties, heres the link.
http://www.cra-arc.gc.ca/E/pub/gp/rc4231/rc4231-e.html

Tom

 

[KateMcKenzie]

Thanks Todd and Tom, I really appreciate your help. Best wishes, Kate

QUOTE (Sherwoodparkcondos @ Jun 24 2008, 12:47 PM) Hi Kate,
The CRA offers a GST rebate on new rental properties, heres the link.
http://www.cra-arc.gc.ca/E/pub/gp/rc4231/rc4231-e.html

Tom