When building a home, you can apply for the NRRPR or HST rebate as soon as construction is more or less complete and you, a close relative, or a tenant is occupying the property. When buying a brand-new home or condominium, you can apply for the HST or NRRP Rebate as soon as you close on the property. When renovating a property, you can apply for an HST Ontario rebate or NRRPR once you are almost done with the work provided by you, a close relative, or a tenant living in the property. It is suggested that you wait until 100% of the work has been completed, however, since you can only apply once, it is important that you maximize the value of the rebate by including every last renovation. People who buy a new condo, co-op apartment, townhome, house, duplex, triplex, fourplex, or other investment property to rent out can only apply for the HST new residential rental property rebate if they have a tenant sign a lease for the unit.
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Disclaimer: This article is for informational purposes only and should not be considered as financial or investment advice. Real estate investments carry risks, and individuals should conduct thorough research and seek professional guidance before making any investment decisions.
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