NEW RESIDENTIAL RENTAL PROPERTY REBATE (NRRP)

Canada Revenue Agency (CRA) grants HST Rebate on purchase of a residential property in Ontario, which is meant to be used for primary residence. This rebate is not granted if residential property is for Investment purpose. However under other provisions this HST REBATE can be claimed, if certain conditions are met:

• GST/HST was paid at the time of purchase of new or significantly renovated residential building
• Property is intended to be used for Residential Rental purpose
  
• Property is actually leased out for residential purpose
  
• Duly filled forms along with supporting documents has been filed with CRA within 2 years of the close date of property.

It is important to be aware you have to repay the NRRP Rebate if you sell your home within one year, unless you sell it to a person who occupies it as his primary residence