Filing for Goods and Services Tax rebate

Old Grace Housing Co-operative pays the federal goods and services tax on all appropriate goods and services. Municipalities are allowed to claim a full rebate on their GST payments from the federal government. Canada Revenue Agency grants municipal status to housing co-operatives that have rent-geared-to-income units. Old Grace has been granted such a designation for its 13 rent supplement units. As a result, OGHC can claim a rebate of 20.3 per cent of the money that it pays in GST. (13 of 64 units is 20.3.) Our property managers files for these claims on OGHC’s behalf at the end of each year. The rebate does not show up in the operating budget but appears as a negative liability in the consolidated balance sheet.’

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