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Investment Property Refunds Tax Free up to $30,000 and Personal Taxes

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Investment Property Refunds Tax-Free up to $30,000 and Personal Taxes

In Ontario, Investment Property Rebates of up to $30,000 are available for any newly built Investment Property leased to a tenant for a minimum of 1 year regardless of the Fair Market Value. For the rest of Canada in order to qualify for the Investment Property Rebate, the Fair Market Value of the Investment Property cannot exceed a Fair Market Value of $450,000 upon completion.

Once a tenant has moved into your Investment Property you are entitled to an Investment Property Rebate of up to $30,000. Many Investors do not claim the $30,000 Investment Property Rebate because they think it needs to be filed with their Personal Tax Return, and once their Personal Tax Return is filed for the year they think it is too late to file for the Investment Property Rebate.

This is not true, the Investment Property Rebate is filed completely separately from your Personal Tax Return, and can be filed any time during the year.

Investment Property Rebates are:

  • Tax-free to the Investor
  • Apply to all Investment Properties owned by the Investor
  • Available to non-Canadians who own Investment Properties in Canada
  • Retroactive 2 years from the date of occupancy

In order to apply for a Housing Rebate:

  • Your investment property must be a newly built property and you must have an occupancy certificate in order to apply for the investment property rebate.
  • The investment property must be owed by an individual or group of individuals and cannot be owed by a corporation.

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