15-07-19b.jpg

You generally pay the goods and services tax/harmonized sales tax (GST/HST) when you purchase a new or substantially renovated residential rental property from a builder. If you are the builder of a residential rental property, or if you make an addition to a multiple-unit residential rental property, you are generally considered to have made a self-supply and to have paid and collected tax on the fair market value of the rental property or addition at the time that you lease or occupy the first unit of the property as a place of residence.

Read more: If you purchase a new or substantially renovated residential rental property from a builder you...

Disclosure: Garth Chapman is a licensed Mortgage Advisor with Jencor Mortgage Corporation in Calgary Alberta. Garth is not a Financial Planner. Roadmap should not be considered as a substitute for what a licensed Financial Planner provides. The information contained in this website should not be construed as personalized investment, financial planning, or tax advice.

Copyright © 2017 - . Roadmap Strategies. All rights reserved. 
Powered & Managed by TANSI.