The Canadian Revenue Agency May 15 clarified information on the GST/HST New Residential Rental Property (NRRP) and Purpose-Built Rental Housing (PBRH) rebate under the amendments proposed by the 2024 Budget. The clarification includes: 1) the extension of the PBRH rebate to new student residences; 2) that the PBRH rebate may be available for each individual qualifying residential unit; 3) the increase in the GST/HST NRRP rebate to 100 percent from 36 percent, with no reduction if a unit’s fair market value (FMV) exceeds C$350,000 (US$257,048); 4) that the PBRH rebate may apply in circumstances where the construction of residential complexes ...
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