- Construction must have commenced (excavation started) after September 13, 2023, to qualify; prior excavation disqualifies, even with ownership or project changes.
- Units owned by the MURC owner do not count as qualifying rental units; such units must be under 10% of total units for the property to qualify.
- Full building conversions from commercial to residential use can qualify as substantial renovations for the rebate, provided the property was not under construction or used as residential on September 13, 2023.
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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