Every school year, students travel across the province looking for a place to live. In most cases these students are not purchasing homes or condos when traveling to university or college. Instead, students are looking to rent a property over the course of their studies, typically around 4 years. If you’ve recently purchased a new condo or home, and do not anticipate occupying it immediately as your primary residence, then it can be financially beneficial to consider renting it to a student if you’re located near a post-secondary institution, as you may be able to apply for the New Residential Rental Property Rebate. As part of the HST Rebate in Ontario, the NRRPR allows qualifying residential property owners across the province to get a portion of the HST invested in their home purchase back in the form of a rebate. In many cases, this program can result in tens of thousands dollars.
To learn more about the New Residential Rental Property Rebate (NRRPR), book a consultation with the experts at Rebate4U. Our team will help you determine whether you qualify for the program and we will guide you through the application process to maximize your return.
If you’re renting, here are some reasons why you should consider applying for the HST Rebate on rental properties with Rebate4U.
Reduce Cost of Investment
By successfully applying for NRRPR with Rebate4U, you can get a significant amount of money back from the government. This additional income can go back into your wallet for you to use. With house prices higher than usual, the return from this HST Rebate in Ontario can make a significant financial impact. When paired with the passive income generated by renting your property, you can make your initial investment much more manageable.
What to Consider When Renting to Students
If you are renting your newly purchased property or condo to a student, and you’d like to apply for the HST rebate in Ontario, it’s vital that you consider the length of your tenancy agreement. Most post-secondary institutions have 8 month school years, but for your property to be eligible for the HST Rebate on condos, you must have a rental agreement that lasts at least one full year. To learn more about the stipulations of the HST Rebate on rental properties and new homes, book a consultation with the Rebate4U team. We’ll help you better understand the qualification requirements as they pertain to your individual situation.
Documents You Need for Your Rebate Application
It's important to keep all relevant documentation, such as the lease agreement and proof of the tenant's occupancy, as you will need to provide these when applying for the rebate. Additionally, ensuring that all other eligibility criteria are met and submitting the application within the specified time limits is crucial for a successful rebate claim. Besides the tenancy or lease agreement, talk to our experts to understand the best documents to include in your application to maximize your rebate amount.
Get Started with Rebate4U
The HST Rebate in Ontario, specifically the New Residential Rental Property Rebate is a lucrative opportunity for eligible property owners, and the start of a new academic season is a great time to start applying. For guidance from trusted experts, book a complimentary consultation with Rebate4U.
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