Ontario removing HST on new rental housing developments

The Ontario government is removing the provincial portion of the Harmonized Sales Tax on new rental housing developments.

The province says the eight-per-cent tax removal will apply to new purpose-built rental housing, including apartments, student housing and seniors’ residences.

Eligible projects must begin construction between Sept. 14, 2023 and Dec. 31, 2030 and must be completed by Dec. 31 2035.

 

 

“There has never been a greater need to get rental housing built across the province,” said Ontario Finance Minister Peter Bethlenfalvy in a news release. “This is why our government is taking steps to tackle the housing crisis so that all Ontarians can have an affordable place to live.”

The move follows similar steps from the federal government, which back in September announced it would be cutting the GST from new rental builds.

 

 

This article was reported by BNNBloomberg