Excise Tax Act — E-15 256.2
(c) at the particular time, the complex or addition, as the case may be, is a qualifying residential unit of the person or includes one or more qualifying residential units of the person, and (d) the person is not entitled to include the tax in respect of the purchase from the supplier, or the tax in respect of the deemed purchase, in determining an input tax credit of the person, the Minister shall, subject to subsections (3.1) to (3.4), (7) and (8), pay a rebate to the person equal to the total of all amounts each of which is an amount, in respect of a residential unit that forms part of the residential complex or addition, as the case may be, and is a qualifying residential unit of the person at the particular time, determined by the formula A × ($450,000 - B)/$100,000 where A is the lesser of $6,300 and the amount determined by the formula A 1 × A 2 where A 1 is 36% of the total tax under subsection 165(1) that is payable in respect of the purchase from the supplier or is deemed to have been paid in respect of the deemed purchase, and A 2 is (i) if the unit is a single unit residential complex or a residential condominium unit, 1, and (ii) in any other case, the unit’s percentage of total floor space, and B is the greater of $350,000 and (i) if the unit is a single unit residential complex or a residential condominium unit, the fair market value of the unit at the particular time, and (ii) in any other case, the amount determined by the formula B 1 × B 2 where B 1 is the unit’s percentage of total floor space, and B 2 is the fair market value at the particular time of the residential complex or addition, as the case may be. Rebate for purpose-built rental housing (3.1) The amount of a rebate under subsection (3) in respect of a taxable supply of purpose-built rental housing — being prescribed property — is determined in accordance with subsection (3.2) if prescribed conditions are met and if (a) the taxable supply is a supply by way of sale of a residential complex or an interest in a residential complex to a person that is not a builder of the residential complex, or of a residential complex or an addition to a residential complex to a person that is, otherwise than by reason of subsection 190(1), a builder of the residential complex or addition, as the case may be, and the construction or last substantial renovation of the residential complex or addition, as the case may be, begins after September 13, 2023 but before 2031 and is substantially completed before 2036; or (b) the taxable supply is a supply by way of sale of a residential complex that is deemed to be made to a person that has converted real property for use as the residential complex and is, as a result, deemed under subsection 190(1) to be a builder of the residential complex and the construction or alteration necessary to effect the conversion begins after September 13, 2023 but before 2031 and is substantially completed before 2036. Amount of rebate — purpose-built rental housing (3.2) If subsection (3.1) applies, the amount of the rebate under subsection (3) is equal to the amount determined as if the first formula in subsection (3) and the descriptions for that formula were read as follows: A × B where A is the total tax under subsection 165(1) that is payable in respect of the purchase from the supplier or is deemed to have been paid in respect of the deemed purchase, and B is the unit’s percentage of total floor space. Purpose-built rental housing – student residence (3.3) The rules set out in subsection (3.4) apply in respect of the construction or substantial renovation of a residential complex or an addition to a multiple unit residential complex if the following conditions are met: (a) the builder of the residential complex or addition is a university, a public college or a school authority; (b) the construction or substantial renovation of the residential complex or addition is carried out primarily for the purpose of providing a place of residenc