Residential Unit Qualifying for a Rebate
A qualifying residential unit is a residential unit in a residential complex that gives entitlement to a rebate for new residential rental property.
In order for a unit to give entitlement to the rebate, all the following conditions must be met:
- The unit is a self-contained residence.
- You hold the unit for one of the following purposes:
- to make an exempt lease or sublease of the unit;
- to sell the unit and make an exempt lease of the land;
- to live in the unit as your principal residence (provided you make an exempt lease of another unit in the residential complex to another person).
- The first use of the unit is or can reasonably be considered to be one of the following:
- your primary place of residence, or the residence of a person related to you, for at least a year (or a shorter period in certain situations);
- an individual's primary place of residence for at least a year (or a shorter period in certain situations).
- After the first use, you indend to occupy the unit or lease it to an individual who is related to you, or lease it as a primary place of residence to a shareholder, member or partner, or to a person related to the shareholder, member or partner.
If the residential complex contains at least 10 residential units and substantially all (90% or more) of the units are qualifying residential units, all the units are considered to be qualifying residential units.