New Rental Building 100% GST Rebate in Around Town
Your Weekly Construction Briefing
On September 14, the Prime Minister announced that the government will introduce legislation to enhance the GST Rental Rebate from 36 per cent to 100 per cent on new purpose-built rental housing, to incentivize construction of rental units.
The removal of GST will apply to new purpose-built long-term rental housing, such as apartment buildings, student housing, and senior residences, but doesn’t apply to buildings already under construction. The rebate will only apply to projects that begin construction on or after September 14, 2023.
The projects must also have over 90 per cent of units designated for long-term rental, and include a minimum of four private apartment units, or at least 10 private rooms or suites, such as a 10-unit residence for students, seniors, or people with disabilities.
Projects that convert existing non-residential real estate int a residential complex may be eligible for the rebate if certain conditions are met, but the rebate will not apply to substantial renovations to existing residential complexes.
Source: Goverment of Canada press release.
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