How Do I Apply for the New Residential Rental Property Rebate Using Form GST524 in Ontario?
Applying to the CRA for a new residential rental property rebate is a separate step that depends on the form, the supporting documents and the deadline that apply to your situation, so it is worth checking each of them carefully. This page cannot give you the exact deadline or the current form instructions, so confirm them with the CRA or an accountant before you file.
In general terms, the steps are to confirm that your unit qualifies, collect the contract, closing or construction documents and proof of tax paid, complete the form carefully, and send it to the CRA by the date that applies to you. Builders and buyers can be in different positions, so work out first who is entitled to apply and what each of you must show.
Keep copies of everything you file and note the date you send it. If you later sell the rental, the sale is reported on Schedule 3, Capital Gains or Losses. Because the rebate and your later tax position can affect each other, it is worth having an accountant or lawyer review your plan before you apply.
Key takeaways
- Confirm first that your unit qualifies and who is entitled to apply, since builders and buyers can be in different positions.
- Collect your contract, closing or construction documents and proof of tax paid before you start the form.
- Confirm the current form instructions and the deadline that applies to you with the CRA or an accountant, because this page does not set a date.
- A later sale of the rental is reported on Schedule 3, Capital Gains or Losses.