- Renovating a property can have tax implications under GST/HST in Canada
- Substantial renovation is defined as renovating a building to the extent that most of it is removed or replaced
- The term “all or substantially all” refers to renovating at least ninety percent of the existing building
- The focus is on the existing building when determining if the renovation qualifies as substantial
- Major additions to a property can also contribute to its classification as substantially renovated
- Understanding GST/HST regulations for substantial renovations is important for property owners and investors to ensure compliance and maximize tax benefits
Source: sdtaxlaw.ca
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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