Transform your daily workflows and Export Residential Rental Application

Aug 6th, 2022
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Straightforward instructions on the way to Export Residential Rental Application

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How to Export Residential Rental Application

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Hey guys, Stephen White here. Today were going to be talking about the information that you need to collect from your tenant applicants. So what information is important for a landlord to collect from an applicant on the actual rental application? Well, before we dive into that I think its important to point out and make sure you are using the correct application. Certain states have specific rules about rental applications. A good example would be New York state where you cant ask for a persons date of birth. In California it is preferred that you use the California realtors association application. Of course you can find applications on RentPrep.com in our free resources. But be sure youre making good use of the correct application that youre using applicable to your state. As far as the information youre collecting, obviously you want to start with the most important stuff - name, date of birth, social security number and their address. Just to make a point about the social

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Newfoundland and Labrador New Housing Rebate The HST in Newfoundland and Labrador is 15% in which GST is 5% and the provincial sales tax is 10%. The amount of rebate you can receive for the GST Portion is 36% of the GST tax amount up to a maximum of $6,300.
If you are an individual who purchased a new or substantially renovated mobile home (including a modular home) or a new or substantially renovated floating home for use as your (or your relations) primary place of residence, you may be eligible for a new housing rebate for some of the GST/HST paid.
The rental property rebate, or the New Residential Rental Property Rebate (NRRP Rebate), can be claimed on the purchase of a new built home or condominium providing that you have signed tenants to a minimum one-year lease. Rebates for rental residential properties differ vastly then rebates for new homes.
To claim your rebate, use Form GST189, General Application for GST/HST Rebate. You can only use one reason code per rebate application. If you are eligible to claim a rebate under more than one code, use a separate rebate application for each reason code.
If youre unfamiliar with the term, residential rentals are those that exist for longer than one month. With these, you dont charge GST/HST on the rental income to your tenants and you also dont get to claim ITCs (input tax credits) on your purchases.
How to Claim the NRRP Rebate. You can make an application within two years after the property closes or sells. All applicants must complete Form GST524, GST/HST New Residential Rental Property Rebate Application.
The Ontario rebate is equal to 75% of the provincial part of the HST paid, up to a maximum rebate of $24,000. In other words, if the value of the home exceeds $400,000, you should qualify for the maximum rebate of $24,000.
Rental income is taxed as ordinary income. This means that if an investor is in a 22% marginal tax bracket and their rental income is $5,000, the investor would end up paying $1,100. Heres the math we used to calculate that tax payment: $5,000 x . 22 = $1,100.

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