HST on Principal Residence?/Rental Property?
I am purchasing a condo in Peel as a principal residence. The purpose of this purchase is really just to rent it out. I’ve been hearing mixed things about this.
Some are saying that I need to wait 1 year before renting it out? My realtor is telling me to basically buy it as a principal residence and I can just change my mind and rent it out after?
I’ve been reading online that if I’m renting it out, I need to pay the HST and then I can claim it back? The purchase agreement states that the HST is included in the purchase price. So do I pay the normal purchase price which includes the HST and then claim the HST after closing? How does this HST rebate really work? I’m understanding that the HST can be claimed from either principal residence or rental property but that their just claimed differently?
How do I go about this? Really confused, as this is my first property purchase.
Thanks for taking the time to read this, any advice would be appreciated.