Saskatchewan Rental Housing Rebate Application printable pdf download

FINANCE

Saskatchewan Rental Housing Rebate Application

PART 1: Contact Information

COMPANY NAME

ADDRESS

CITY/TOWN

POSTAL CODE

CRA Business Number

Saskatchewan Corporate Registry Number

Primary Contact

Telephone

CERTIFICATE OF ELIGIBILITY (Circle One): Yes / No

CURRENT YEAR CERTIFICATE OF CONTINUING ELIGIBILITY: Yes / No

TAX YEAR:

PART 2: Rebate Calculations

To calculate the amount of the rental housing rebate, corporations must elect to utilize one of two methods

described in The Income Tax Act 2000. Once a method is chosen the same method will be applied each year of

the ten-year qualifying period. Please fill in the calculations for the formula you have chosen.

Selected Option (circle one):

Option 1: Proxy Formula

Option 2: Eligible Rental Income Formula

Option 1: Proxy Formula GRR x PM = PA, (or Proxy Amount)

(1) GRR = Eligible gross rental income (2) PM = Deemed profit margin of 30%

(GRR) ______________ X 30% PM = $____________________

Option 2: Eligible Rental Income TI – SB – D – I – RCT – DS = ERI, (or Eligible Rental Income)

(1) TI = Taxable Income (Box 360 of T2 Income Tax Return)

(2) SB = Small Business Deduction Amount (Amount H of T2 Schedule 411)

(3) D = Taxable Income earned in taxation year resulting from disposition of all or any part of the eligible

rental housing project

(4) I = Taxable Investment Income, not including investment income related to the rental project,

replacement reserves, security deposits, or prepaid rents

(5) RCT = Taxable Income earned resulting from a transaction that the Minister determines to be artificial in

nature in order to increase the amount of the rebate

(6) DS = The positive difference, if any, between:

a. The Amount of the Deemed Debt Service(DDS)

Where: DDS = CC x DR x DI

And:

CC is the initial capital cost of the housing project including land and buildings

DR is the deemed debt ratio of 50%; and,

DI is the debt interest rate of 5%; and,

b. The actual debt servicing costs deducted

(TI)_________-(SB) _________-(D) _________-(I) _________-(RCT) _________-(DS) _________ = $_______________

Saskatchewan Rental Housing Rebate Application