Thursday, August 29, 2013

New construction purchases and CRA

If you purchase a new construction property to rent out, make sure you familiarize yourself with HST form 524.  This form is the HST new home rental rebate form.  CRA is reviewing new home construction purchases to ensure that the buyers are using the home for a primary residence and not as an investment.
 
“The CRA’s challenge is to ensure compliance with the tax legislation it administers. The recent construction boom in condos and housing has garnered CRA attention to ensure that profits are reported and that GST/HST housing rebates are appropriately claimed.”

Click here to read the full article

Consult your accountant to help fill out the form to ensure it is done accurately.

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