The Government of Canada announced they would be eliminating the GST on new rental construction yesterday, but did not publish the fine print until hours later.
Prime Minister Justin Trudeau, along with Minister of Finance Chrystia Freeland and Minister of Housing Sean Fraser, announced that the Government of Canada would finally beThe trio did so in London, Ontario at 4:00 pm eastern time to conclude the National Caucus Retreat.
"The enhanced GST Rental Rebate will apply to projects that begin construction on or after September 14, 2023, and on or before December 31, 2030, and complete construction by December 31, 2035,"This means that the removal of the GST will not be retroactive and apply to projects that completed construction recently, and projects that begin construction between September 14, 2023 and December 31, 2030 have to also complete construction before December 31, 2035.
Previously, under what were called "self-supply" rules, developers of rental buildings were required to pay the 5% GST on the fair market value of the project upon completion. However, developers of strata condominiums did not, because the GST is paid by the individual homebuyers. Many also found that they could not take advantange of the existing rebate because the threshold was too difficult to meet.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
CP NewsAlert: Federal government removing GST on new rental builds, source saysLONDON, Ont. — The federal Liberal government is planning to remove the GST on all materials and workforce costs for the construction of new rental housing, according to a senior government source. The source, who spoke on the condition of anonymity to discuss matters not yet made public, says an announcement is coming later today. More coming. The Canadian Press
Lire la suite »
Federal government will remove GST on new rental builds, senior source saysPrime Minister Justin Trudeau will announce today that Ottawa is removing the GST on construction of new rental apartment buildings, according to a senior government source.
Lire la suite »
CP NewsAlert: Federal government removing GST on new rental builds, source saysLONDON, Ont. — The federal Liberal government is planning to remove the GST on all materials and workforce costs for the construction of new rental housing, according to a senior government source.
Lire la suite »
Federal government will remove GST on new rental housing builds, senior source saysLONDON, Ont. — Prime Minister Justin Trudeau will announce Thursday that Ottawa is removing the GST on construction of new rental apartment buildings, according to a senior government source.
Lire la suite »
CP NewsAlert: Federal government removing GST on new rental builds, source saysLONDON, Ont. — The federal Liberal government is planning to remove the GST on all materials and workforce costs for the construction of new rental housing, according to a senior government source.
Lire la suite »
Federal government will remove GST on new rental housing builds, senior source saysLONDON, Ont. — Prime Minister Justin Trudeau will announce Thursday that Ottawa is removing the GST on construction of new rental apartment buildings, according to a senior government source.
Lire la suite »