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 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.
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!