May 21st, 2024

In September 2023, the Department of Finance announced plans to relieve the GST cost that builders incur on certain new purpose-built residential rental housing, such as apartment buildings, student housing, and seniors’ residences to be built specifically for long term rental. This relief comes in the form of a rebate for projects that began construction after September 13th, 2023 up to December 31st, 2030 inclusive, where the construction is completed by December 31st, 2035. 

The government website has been updated to define construction as commencing at the time of excavation. For more details, please visit the website here.