Regulatory Initiative: Draft Real Property (GST/HST) Regulations – Forward Regulatory Plan 2023-2025
Title or working title of the regulatory initiative:
Draft Real Property (GST/HST) Regulations
Description of the objective:
On December 20, 2023, to provide home builders with the certainty needed to make investment decisions, the government released draft regulations with further technical details on the removal of the Goods and Services Tax (GST) from new purpose-built rental housing, which will apply to projects that begin construction between September 14, 2023, and the end of 2030, and complete construction before 2036.
Indication of business impacts:
The Small Business Lens is not expected to apply.
Public consultation opportunities:
Canadians were consulted on the draft regulatory proposals as part of a consultation announced by news release on December 20, 2023. Interested parties were invited to provide comments on the proposals by February 5, 2024.
The news release for the consultation, along with the draft regulatory proposals, is available on the Finance Canada website.