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My accountant told me today that I can't claim any GST on purchases made for my residential IP…am I understanding this correctly? I can't claim GST on repairs or maintenence, or on any purchases made for the property because it is a residential IP and not commercial?
you can't claim gst on resi property however you claim the full cost of expenses ie plumber $110 incl gst. The reason being is that you don't collect gst on the rent, unless you are a corporate owner and you have to remit gst on th e rent.
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