- CRA concludes that GST/HST should be backed out of the appraised value of newly constructed residence for GST/HST self-assessment purposes
- ETA s. 191(3) requires the builder of a multiple unit residential complex to self-assess itself for GST/HST on the fair market value of the complex
- The appraised value should be treated as including GST/HST, and that such GST/HST should be backed out before determining the amount of GST/HST payable by the builder
- This FMV reduction will reduce the self-assessed GST/HST and any associated new residential rental property rebate.
Source: taxinterpretations.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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