Getting your HST back
IF YOU Purchased a new construction home or Renovated an old one!
CALL NOW TO DISCUSS YOUR eligibility 1-888-544-5467
The GST Rebate program for rental properties is fairly straightforward in concept: ensure that owner occupiers and investors are getting the same (net) deal as far as the taxes they pay on their purchase. In practice, however, it can be a mine field. Because there are always people on the lookout for loopholes and those who try to work the system to get more out of it than was intended by the rules, any rebate program has to have its qualifications, calculations and scenarios laid out in excruciating detail. While the intent is to be fair to everyone, the actual result is that some people can't or don't get the rebate they deserve. If you've looked over the forms and guides and thought that maybe it's just too complicated, give us a call. We've dealt with CRA for years, and seen every scenario imaginable; we have the expertise and the experience to get you your rebate. You are entitled to a rebate of the HST you paid on your new home. Don't let CRA keep the money that's rightfully yours! Even if you paid over a million dollars, you are still eligible! Talk to us to learn more.
Has your claim for the HST Rebate on a rental property been denied? Don't give up yet! There may still be time, and there may be a way, to get you your HST back. Give us a call. We can help. The New Housing HST Rebate also applies to substantial renovations, additions and conversions. The word "substantial" is key in determining whether or not your claim for renovations will be successful. In the case of conversions, there are strict guidelines with respect to the prior use of the building, the timing of the changes, and the individual(s) taking up residence during or after the conversion. Generally speaking, if the renovations or changes you make are great enough, the government may agree to treat it as a newly built house for the purposes of the rebate. We can help you determine if the construction work you did to your house is extensive enough to consider your house as new. Even better, though, talk to us before you start your renovation project - it may make financial sense to expand your plans, claim the HST rebate, and use those funds to pay for a larger renovation!
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In most cases we can get you your renovations rebate within 4 to 6 weeks of submitting your claim. And the best part is the rebate you receive is not taxable. Ask us about our flat fee (as low as $575), and compare it to what others charge for the same service. Some companies take 20% of your rebate, or more!
A tax rebate is not the same as a tax refund, and it's not as simple to claim. A refund of tax is what you receive if you have overpaid your taxes for whatever reason. You may pay too much tax on your personal income, for example, if your employer makes an error in your pay cheques during the year, or if you have extra deductions to claim against your taxable income that weren't accounted for in calculating your net pay, or for various other reasons. When this happens, the government issues a refund of the overpaid amount of taxes. A rebate, on the other hand, is an amount of tax that was properly calculated and paid that is subsequently returned to the payor under a specific program or provision in the Income Tax Act. Qualifying for and claiming a tax rebate can be a complex undertaking.
Did you know that you can get an HST Rebate of up to $30,000 if you purchased a property to rent?
Did you know that you can get an HST Rebate of up to $24,000 if you recently renovated your home?
Did you know that you can get an HST Rebate of up to $30,000 if you purchased a new construction home?
You may be entitled to a rebate of the HST you paid, but be aware that the CRA prescribes very specific rules. You must meet the criteria to qualify under their programs. You must file the forms correctly and within the allotted timeframe. A mistake anywhere along the way can be costly.
The current guide from CRA for the Rental Property Rebate program is 33 pages long. It starts with one and a half pages of definitions, and continues with another half page to define who qualifies as a "builder". There are five application "types". The complete guide is readily available to anyone who wants to apply for a rebate. But do you have time to study up on the program and decipher the fine print? Can you afford to have your rebate claim denied?
Over $10 million in rebates have been processed. Make sure you get yours!
The objective, as it were, of the rebate for rental property is to level the tax field between those who purchase a condo (or some other type of residential housing) as an investment as compared to those who purchase the same "unit" as an owner occupier (that is, as their principal residence). The key difference that remains, though, is that the investor must pay the HST on closing and apply for the rebate (making sure to meet all the qualifications and supply the correctly completed forms). There is an upfront outlay of cash that is subsequently returned, but the investor must have the means to finance that tax for a period of 4 weeks to 4 months or longer, depending on a number of factors with the application. The owner-occupier purchaser of the same condo unit, on the other hand, will likely have the opportunity to assign the rebate to the developer, such that he doesn't pay the HST on closing in the first place, and the developer deals with the issue himself.
When applying for the HST rebate on a residential rental property, there are a number of specific terms you must fully understand if you are to be successful in your claim. For example, did you know that you don't have to construct or renovate a residence yourself to be considered a "builder" under the rebate program? There is a also a distinction between a residential unit and a "qualifying" residential unit. You must first establish that the housing in question is in fact a "residential unit", and then determine whether or not it meets to criteria to qualify for a rebate. The criteria include such factors as ownership, possession, whether or not it's self-contained, the type of lease arrangement and its duration. We are specialists in making sure all of the right tick marks are in place to ensure that you get the maximum rebate allowable.