Form RC7524-ON - GST524 Ontario Rebate Schedule
Statement of Adjustments (provided by your lawyer)
Agreement of Purchase and Sale (provided by your builder)
Lease (minimum of a year)
For the purpose of this guide, we’ll mostly be working with the Form 524. Let’s pop it open.
You’ll find all of your Property information in your Statement of Adjustments.
Go ahead and enter the address details of your rental unit in the appropriate fields.
For Relevant Date, you’ll want to input your date of final closing. Next to that is your possession date. This is the day you took occupancy.
The Legal description of property are all the property details laid out in your Statement of Adjustments. Lot number or strata number is the full description of your unit; the number, level, including your locker and parking information, if you have it. Your condo Plan number can be found on your Statement of Adjustments as well.
You can leave the Other and mobile home fields blank, since this application is exclusively for condos.
On to Section C! For Type of claimant, tick off Purchaser and landlord. The Purchase agreement date is the actual date you purchased your condo (you can find this information in your Agreement of Purchase and Sale).
Your Type of Construction will be a New construction.
Your Type of housing will be a Condominium unit. Now to page two!
For Type of Application, we’ll be ticking off the Type 6 box.
This is the portion of the application that seems to frustrate most people — Section D, Part 1 (trust me, it’s not that bad).
So, since we’re Type 6, we’ll be doing a Rebate calculation for Type 6. For line A, you’ll want to plug in the total GST of your purchase price. You can find this number on your Statement of Adjustments (it’ll show up as HST Federal Portion). For line B, input the purchase price of your unit. Fair market value simply means the value of your property at closing. Line C is your purchase price without HST. In other words, your net sale price.
If the HST of your unit was 13% (you bought it after 2010), tick off the first box in the next section. Most of you will be doing this. If not, tick off whichever box is applicable.
Now for some math. Multiply the number in line A by 36% and input the product in line D. For line E input the same amount you did in line D, so long as the fair market value of your condo was less than $350,000. If this is the case, you’ll get your full GST rebate.
If the fair market value of your property exceeded $350,000, you’ll plug in it’s value in line E instead and make the calculation at the bottom of the page to figure out how much of the rebate you’ll get. You’ll get some portion of it, just as long as the fair market value of your unit fell somewhere between $350,000 - $450,000.
In Part 2, we’ll plug the value from line E into line F. To determine our Provincial new residential property rebate amount and Total rebate amount, we’ll have to take a look at our second form, the GST524 Ontario Rebate Schedule. Pop that open, and we’ll come back to line G and H once we get those values.
Here it is! Since we’re looking at a rebate calculation for Type 6, we only have to concern ourselves with these sections of the provincial rebate form. Section A, again, is pretty straightforward. For Section B, line A will be the Ontario portion of your HST. You can find this on your Statement of Adjustments. B is going to be the fair market value of your property and C is your purchasing price minus HST. You can find these numbers in lines B and C of the previous form, or in your Statement of Adjustments. Finally, multiply line A by 75% and plug it into line D. This will be the value of your provincial tax rebate!
Okay. You’ve completed the provincial form for your rebate, so lets return to Form 524 and finish it off, too.
In line G, which should be blank, you’ll want to input the number from line D of your provincial rebate form. Now you add the values of your GST rebate and provincial tax rebate. This is your total rebate amount. Enter it into line H.
Phew. Not too bad, right? But we’ve got one last step. Sending out your application. And don’t forget to send all of the following documents:
- Form 524 - GST/HST New Residential Rental Property Rebate Application
- Form RC7524-ON - GST524 Ontario Rebate Schedule
- Statement of Adjustments (provided by your lawyer)
- Agreement of Purchase and Sale (provided by your builder)
- Lease (minimum of a year)
You’ll want to mail them out to these location based on your address:
Sudbury Tax Centre
1050 Notre Dame Avenue
Sudbury ON P3A 5C1
Summerside Tax Centre
275 Pope Road
Summerside PE C1N6A2
In just a couple weeks you should get that rebate credit back in the mail (as well as interest for the time it took)!
Remember, if any of this seems too complicated, hire a pro! Check out for more info at CRA Site.
Have any questions or just want to chat? Get in touch. I’m always available to talk about everything and anything condo-related. If you’ve got some tips or suggestions of your own, feel free to leave them in the comments.