Form GST525 "Supplement to the New Residential Rental Property Rebate Application - Co-op and Multiple Units" - Canada

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Download Form GST525 "Supplement to the New Residential Rental Property Rebate Application - Co-op and Multiple Units" - Canada

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Supplement to the New Residential Rental Property
Rebate Application – Co-op and Multiple Units
Use this form if you are a co-operative housing corporation (co-op) or if you purchased, constructed, substantially renovated, or made an
addition (consisting of more than one residential unit) to a multiple unit residential complex, or if you converted a commercial property into
a multiple unit residential complex. You also have to complete sections A, B, C, and F of Form GST524, GST/HST New Residential Rental
Property Rebate Application, and send us the two forms together.
If you purchased the residential complex, and the purchase included real property that does not form part of the complex, you have to separate
out any part of the tax paid from the purchase price that was for any non-residential part of the property. For example, do not include any tax
that relates to retail stores that form part of the building. The allocation must be fair and reasonable.
Whether you are a purchaser or builder of a residential complex, do not include any amounts in your rebate calculation that are for the
non-residential part. You also have to establish the fair market value of the residential complex part of the property. This means that the
amounts you enter on lines A, B, C, D, E, and F must only be for the residential part of the property.
Which calculation should I complete?
Type 6 – Lease of building and land / Type 7 – Sale of building and lease of land
Complete one Form GST524 and one form GST525 to include all of the qualifying residential units in a multiple unit residential complex.
Complete Section A and all parts of Section B on pages 1 and 2 of Form GST525.
Type 8 – Co-operative housing corporation
Complete one Form GST524 and one Form GST525 for each qualifying residential unit in the residential complex whether it is a single unit
residential complex or a multiple unit residential complex. Complete Section A on this page and Section C on pages 3 and 4 of Form GST525.
For more information, see Guide RC4231, GST/HST New Residential Rental Property Rebate, go to canada.ca/gst-hst, or call
1-800-959-5525.
Section A – Claimant information
Claimant's legal name (last name, first name, and initial(s) for individuals)
Business number (if applicable)
R T
Section B – Rebate calculation for Type 6 and Type 7
Part I – Rebate calculation for units in a multiple unit residential complex or addition
If you paid the GST on the purchase or self-supply of the residential complex or addition, enter on line A the amount of the GST paid.
If you paid the HST on the purchase or self-supply of the residential complex or addition, enter on line A the result of the applicable calculation below:
If you paid 12% HST, multiply the HST paid by 5/12.
If you paid 13% HST, multiply the HST paid by 5/13.
If you paid 14% HST after March 31, 2013, multiply the HST paid by 5/14.
A
$
If you paid 14% HST under an agreement entered into before October 31, 2007, multiply the HST paid by 6/14.
If you paid 15% HST after June 30, 2010, multiply the HST paid by 5/15.
If you paid 15% HST under an agreement entered into before May 3, 2006, multiply the HST paid by 7/15.
Fair market value of the residential complex or addition (building and land) at the time tax became payable on the purchase
B
$
or self-supply (do not include the GST/HST payable on the fair market value).
If you are claiming a rebate under Type 6 and you purchased the residential complex, enter the purchase price of the
C
$
complex (do not include the GST/HST).
D
Multiply line A by 36%.
$
E
Square metres of floor space for all residential units in the complex or addition (do not include common areas).
2
m
Tick the applicable box and enter the indicated amount on line F.
If you paid the GST at 5%, or HST at 12% or 13%, or if you paid 14% HST after March 31, 2013, or if you paid the
HST at 15% after June 30, 2010, on the purchase or self-supply of the residential complex or addition, enter $6,300.
If you paid 6% GST or 14% HST on the purchase or self-supply of the residential complex or addition under an
F
$
agreement entered into before October 31, 2007, enter $7,560.
If you paid 7% GST or 15% HST on the purchase or self-supply of the residential complex or addition under an
agreement entered into before May 3, 2006, enter $8,750.
G
Total number of qualifying residential units, (enter the amount from line G in Part III on page 2 of this form).
H
GST/HST new residential rental property rebate (enter the amount from line H in Part III on page 2 of this form).
$
Provincial new residential rental property rebate amount (if you are eligible, complete the calculation on the applicable
I
$
provincial rebate schedule and enter the result on line I).
J
Total rebate amount (including any provincial rebate) (line H plus line I).
$
(Ce formulaire est disponible en français.)
GST525 E (07/2018)
Clear Data
Protected B
when completed
Supplement to the New Residential Rental Property
Rebate Application – Co-op and Multiple Units
Use this form if you are a co-operative housing corporation (co-op) or if you purchased, constructed, substantially renovated, or made an
addition (consisting of more than one residential unit) to a multiple unit residential complex, or if you converted a commercial property into
a multiple unit residential complex. You also have to complete sections A, B, C, and F of Form GST524, GST/HST New Residential Rental
Property Rebate Application, and send us the two forms together.
If you purchased the residential complex, and the purchase included real property that does not form part of the complex, you have to separate
out any part of the tax paid from the purchase price that was for any non-residential part of the property. For example, do not include any tax
that relates to retail stores that form part of the building. The allocation must be fair and reasonable.
Whether you are a purchaser or builder of a residential complex, do not include any amounts in your rebate calculation that are for the
non-residential part. You also have to establish the fair market value of the residential complex part of the property. This means that the
amounts you enter on lines A, B, C, D, E, and F must only be for the residential part of the property.
Which calculation should I complete?
Type 6 – Lease of building and land / Type 7 – Sale of building and lease of land
Complete one Form GST524 and one form GST525 to include all of the qualifying residential units in a multiple unit residential complex.
Complete Section A and all parts of Section B on pages 1 and 2 of Form GST525.
Type 8 – Co-operative housing corporation
Complete one Form GST524 and one Form GST525 for each qualifying residential unit in the residential complex whether it is a single unit
residential complex or a multiple unit residential complex. Complete Section A on this page and Section C on pages 3 and 4 of Form GST525.
For more information, see Guide RC4231, GST/HST New Residential Rental Property Rebate, go to canada.ca/gst-hst, or call
1-800-959-5525.
Section A – Claimant information
Claimant's legal name (last name, first name, and initial(s) for individuals)
Business number (if applicable)
R T
Section B – Rebate calculation for Type 6 and Type 7
Part I – Rebate calculation for units in a multiple unit residential complex or addition
If you paid the GST on the purchase or self-supply of the residential complex or addition, enter on line A the amount of the GST paid.
If you paid the HST on the purchase or self-supply of the residential complex or addition, enter on line A the result of the applicable calculation below:
If you paid 12% HST, multiply the HST paid by 5/12.
If you paid 13% HST, multiply the HST paid by 5/13.
If you paid 14% HST after March 31, 2013, multiply the HST paid by 5/14.
A
$
If you paid 14% HST under an agreement entered into before October 31, 2007, multiply the HST paid by 6/14.
If you paid 15% HST after June 30, 2010, multiply the HST paid by 5/15.
If you paid 15% HST under an agreement entered into before May 3, 2006, multiply the HST paid by 7/15.
Fair market value of the residential complex or addition (building and land) at the time tax became payable on the purchase
B
$
or self-supply (do not include the GST/HST payable on the fair market value).
If you are claiming a rebate under Type 6 and you purchased the residential complex, enter the purchase price of the
C
$
complex (do not include the GST/HST).
D
Multiply line A by 36%.
$
E
Square metres of floor space for all residential units in the complex or addition (do not include common areas).
2
m
Tick the applicable box and enter the indicated amount on line F.
If you paid the GST at 5%, or HST at 12% or 13%, or if you paid 14% HST after March 31, 2013, or if you paid the
HST at 15% after June 30, 2010, on the purchase or self-supply of the residential complex or addition, enter $6,300.
If you paid 6% GST or 14% HST on the purchase or self-supply of the residential complex or addition under an
F
$
agreement entered into before October 31, 2007, enter $7,560.
If you paid 7% GST or 15% HST on the purchase or self-supply of the residential complex or addition under an
agreement entered into before May 3, 2006, enter $8,750.
G
Total number of qualifying residential units, (enter the amount from line G in Part III on page 2 of this form).
H
GST/HST new residential rental property rebate (enter the amount from line H in Part III on page 2 of this form).
$
Provincial new residential rental property rebate amount (if you are eligible, complete the calculation on the applicable
I
$
provincial rebate schedule and enter the result on line I).
J
Total rebate amount (including any provincial rebate) (line H plus line I).
$
(Ce formulaire est disponible en français.)
GST525 E (07/2018)
Clear Data
Protected B
when completed
Section B – Rebate calculation for Type 6 and Type 7 (continued)
Part II – Rebate calculation chart
Complete one row per unit. If you need more space, make a copy or add another page. This form is available at canada.ca/gst-hst-pub.
If you use more than one chart, number the pages, attach them to this form, and send them to us with Form GST524. Use the numbers you entered
on lines B, D, E, and F of Part I on page 1 to complete the chart. Copy those numbers on the lines below.
$
$
$
2
m
B
D
E
F
From line B of Part I
From line D of Part I
From line E of Part I
From line F of Part I
Note
Complete column 7 only if the amount in column 5 is more than the maximum rebate amount in column 6. Otherwise, enter the amount from column 6
in column 8.
Column 1
Column 2
Column 3
Column 4
Column 5
Column 6
Column 7
Column 8
Unit number
Unit floor
% of floor space
Unit fair market
Calculation
Maximum rebate
Rebate reduction
Rebate per unit
space
of each unit
value
amount
Enter only
Enter the square
Divide amount in
Multiply the
Multiply the amount
Enter the amount in
Subtract from $450,000
Enter the amount from
qualifying
metres of floor
column 2 by the
amount from line B
from line D above by
column 5 or the amount
the amount in column 4
column 6, or multiply the
residential
space for each unit.
amount from line E
above by the
the percentage in
from line F above,
and divide it by 100,000.
amount in column 6 by
units.
above, and multiply
percentage in column 3.
column 3.
whichever is less.
If negative, enter "0."
the amount in column 7
the result by 100.
See note above.
(if it applied) and enter
the result.
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
Part III – Rebate totals for application Type 6 and Type 7
G
Total number of qualifying residential units (enter the total of all units from column 1 of all copies of Part II).
H
GST/HST new residential rental property rebate amount. Enter the total of all amounts from column 8 of all copies of Part II).
$
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Section C – Rebate calculation for Type 8 – Unit in a co-op
If the co-op paid the GST on the purchase or self-supply of the residential complex or addition, enter on line K the amount of the GST paid.
If the co-op paid the HST on the purchase or self-supply of the residential complex or addition, enter on line K the result of the applicable calculation below:
If the co-op paid 12% HST, multiply the HST paid by 5/12.
If the co-op paid 13% HST, multiply the HST paid by 5/13.
If the co-op paid 14% HST, after March 31, 2013, multiply the HST paid by 5/14.
K
$
If the co-op paid 14% HST under an agreement entered into before October 31, 2007, multiply the HST paid by 6/14.
If the co-op paid 15% HST after June 30, 2010, multiply the HST paid by 5/15.
If the co-op paid 15% HST under an agreement entered into before May 3, 2006, multiply the HST paid by 7/15.
Fair market value of the residential complex or addition (building and land) at the time tax became payable on the purchase
L
$
or self-supply (do not include the GST/HST payable on the fair market value).
M
If the co-op purchased the residential complex, enter the purchase price of the complex (do not include the GST/HST).
$
N
Total floor space of the unit (square metres).
m
2
O
Total floor space of all residential units in the complex or addition in square metres.
2
m
P
Unit percentage of floor space. Amount from line N divided by the amount from line O and multiplied by 100.
%
Q
Unit fair market value. Amount from line L multiplied by the percentage from line P.
$
Enter the result of the following calculation:
R
$
(line K:
× 36%) × line P:
%
Tick the applicable box and enter the indicated amount on line S.
If the co-op paid the GST at 5%, or the HST at 12% or 13%, 14% after March 31, 2013, or if the co-op paid
the HST at 15% after June 30, 2010, enter the amount from line R or $6,300, whichever is less.
If the co-op paid 6% GST or 14% HST before January 1, 2008, enter the amount from line R or $7,560, whichever
S
$
is less.
If the co-op paid 7% GST or 15% HST before July 1, 2006, enter the amount from line R or $8,750, whichever is less.
If line Q is $350,000 or less, enter the amount from line S or if line Q is more than $350,000 enter the result of the following
calculation:
T
$
($450,000 – line Q)
× line S
If negative,
enter "0"
$100,000
Complete lines U to W only if the purchaser of the share of the capital stock can claim the GST/HST new housing rebate
for the GST or the federal part of the HST. If not, enter "0" on line W on page 4.
U
$
Total amount of the sale price for the share of the capital stock.
Rebate rate and maximum rebate amount
Enter the result of the following calculation on line V (up to the maximum that applies to you):
V
$
%
Amount from line U: $
× Rebate rate from pages 5 and 6 of Form GST524:
To find out the rebate rate and the maximum rebate amount that apply to you, see "Rebate rate" on pages 5 and 6 of Form GST524.
If your rebate rate is 1.71%, indicate which situation (A, B, or C), as described on page 5 of Form GST524, applied to you:
(only one situation can apply).
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Section C – Rebate calculation for Type 8 – Unit in a co-op (continued)
Tick the applicable box and complete the calculation based on the rebate rate you used to complete line V.
If the result for line W is "0", a GST/HST new residential rebate is not available for that unit.
Complete line W as follows if the rebate rate that applied for completing line V was 1.71%
and situation A applied to you:
• If line U is $367,500 or less, enter the amount from line V.
• If line U is more than $367,500, enter the result of the following calculation:
($472,500 – line U)
× line V
If negative,
enter "0"
$105,000
Complete line W as follows if the rebate rate that applied for completing line V was 1.61%:
• If line U is $392,000 or less, enter the amount from line V.
• If line U is more than $392,000, enter the result of the following calculation:
($504,000 – line U)
× line V
If negative,
enter "0"
$112,000
Complete line W as follows if the rebate rate that applied for completing line V was 1.60%, or 1.71%
and situation B applied to you:
• If line U is $395,500 or less, enter the amount from line V.
• If line U is more than $395,500, enter the result of the following calculation:
($508,500 – line U)
× line V
If negative,
enter "0"
$113,000
Complete line W as follows if the rebate rate that applied for completing line V was 1.57%, or 1.71%
and situation C applied to you:
• If line U is $402,500 or less, enter the amount from line V.
W
$
• If line U is more than $402,500, enter the result of the following calculation:
($517,500 – line U)
× line V
If negative,
enter "0"
$115,000
Complete line W as follows if the rebate rate that applied for completing line V was 1.58%:
• If line U is $399,000 or less, enter the amount from line V.
• If line U is more than $399,000, enter the result of the following calculation:
($513,000 – line U)
× line V
If negative,
enter "0"
$114,000
Complete line W as follows if the rebate rate that applied for completing line V was 2.04%:
• If line U is $371,000 or less, enter the amount from line V.
• If line U is more than $371,000, enter the result of the following calculation:
($477,000 – line U)
× line V
If negative,
enter "0"
$106,000
Complete line W as follows if the rebate rate that applied for completing line V was 2.34%:
• If line U is $374,500 or less, enter the amount from line V.
• If line U is more than $374,500, enter the result of the following calculation:
($481,500 – line U)
× line V
If negative,
enter "0"
$107,000
X
GST/HST new residential rental property rebate (line T minus line W).
$
Provincial new residential rental property rebate amount (if you are eligible, complete the calculation on the applicable
Y
provincial rebate schedule and enter the result on line Y).
$
See Form RC7524-BC, GST524 British Columbia Rebate Schedule or Form RC7524-ON, GST524 Ontario Rebate Schedule.
Z
Total rebate amount, including any provincial rebate (line X plus line Y).
$
Personal information is collected under the Excise Tax Act to administer tax, rebates, and elections. It may also be used for any purpose related to the enforcement of the Act such
as audit, compliance and collection activities. It may be shared or verified with other federal, provincial, territorial or foreign government institutions to the extent authorized by law.
Failure to provide this information may result in interest payable, penalties or other actions. Under the Privacy Act, individuals have the right to: access their personal information;
request corrections; or, file a complaint to the Privacy Commissioner of Canada regarding the handling of the individual's personal information. Refer to Personal Information Bank
CRA PPU 241 on Info Source at canada.ca/cra-info-source.
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