menu

Don't be caught off guard by closing costs

Date Posted
06 May 2014
[caption id="attachment_517" align="alignleft" width="300"] (Photo credit: Jirsak/iStockphoto.com)[/caption] You've visited dozens of houses and you've finally settled on one that you want to put an offer on. It's a nerve wracking process waiting to see whether the seller accepts your offer and if they do, congratulations you're now a homeowner! But if there's one thing you don't want to be caught unawares is the closing costs you'll need to pay upfront. The Canada Mortgage and Housing Corporation suggests homebuyers budget an extra 1.5 to four per cent of your property's purchase so you're not left in the lurch. For a new homeowner, you may be wondering why you're paying extra, especially since a home already costs a pretty penny. Here's where all your closing cost money goes:Downpayment. The amount you put down as a downpayment affects your future mortgage costs. Ideally, you want to pay 20 per cent of your home's purchase price, but if that's not possible then you can pay at least five per cent and you'll be required to purchase a mortgage insurance loan. Unfortunately, mortgage insurance costs just went up thanks to recent changes to premiums by the CMHC. One thing to keep in mind is that if you're currently eligible for an HST rebate since you've purchased a newly built property, but someone else on the title isn't, then you can no longer receive the rebate.Land transfer tax. This varies province to province and sometimes there is are additional municipal transfer tax that is tacked on in cities such as Toronto. First time homeowners may be exempt from some of this cost and there are land transfer tax calculators to help you figure out the cost.Legal fees. You'll need to tap into a lawyer and their staff to help you legally close the real estate transaction.Home inspection fee. A home inspector is key to helping you discover if there are any issues with the property. This should be a condition listed in your offer since their input can give you some intel into what renovations you might need to do if you buy the property, along with the home's overall state.Property survey. A property survey is an important step in the homebuying process since it helps establish your property's boundaries, such as how big your land is and whether parts of your property have been legally added, such as a fence or driveway.Title insurance. If you need to handle any property boundary disputes, title insurance can help handle these issues, along with title fraud and any title issues from the past owner.Property insurance. This protects your home and its contents in the unfortunate scenario that something happens.Prepaid bills. You may need to negotiate with the previous owner to reimburse them for any utility bills and property tax bills.GST/HST. This varies province to province, but depending on the property you buy and whether you meet certain criteria, you can claim this back. The amount you can claim also varies in different provinces.Estoppel Certificate Fee. If you bought a house, you don't need to worry about this, but if you're a condo owner, the Estoppel Certificate is provided by the condominium corporation which details all the facts an owner needs to know about the financial obligations on the unit. Make sure you have some extra money saved in the bank so these closing costs don't come as a nasty surprise.Rebate4U can help homeowners figure out whether they qualify for an HST rebate. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes – whether it’s your new home or an investment. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.

Contact Us

Rebate Calculator

Please enter the total value of your renovation including tax.

Total construction cost
(including taxes)
$
Search Our Blogs

More of our Blogs

26 February 2024

How to Find a Tenant Ahead of Your HST Rental Rebate Application

If you’re renting out a new residential property, the HST Rebate in Ontario is a great opportunity to get back some of the money you’ve invested into purchasing the condo. Available via Canada Revenue Agency, the New Residential Rental Rebate Program can mean thousands of dollars back. To qualify for this rebate program in Ontario, you must meet the criteria set out by Canada Revenue...

View Full Post
10 February 2024

3 Stand-Out Benefits of Applying for HST Rebate on Home Renovations

Home renovations are a great way to revitalize your existing property to transform it into your dream home. Working with the best contractors you can make large-scale upgrade plans that rebuild your home from the ground up. With programs like the New Home HST Rebate in Ontario, the cost of these significant upgrades can be mitigated. By working with the experts at Rebate4U you can assess your...

View Full Post
31 January 2024

Why Turn Repairs into Renovations with the Home Renovation HST Rebate

Whether you’ve recently purchased a new home that needs a lot of work or are ready to upgrade your existing home, renovations and remodels can rack up quite the bill. But for homeowners in Ontario, the HST rebate on home renovations is a viable option that can help you get more return from your investment. Read on for more information!

View Full Post
18 January 2024

Which Part of Your Home Renovations Are Subject to HST in Ontario?

Like with the transaction of any good or service in the province, there is a 13% tax (Harmonized Sales Tax) added to every purchase, including the sale properties. When buying a home, this tax can add up to a substantial amount. In Ontario, the HST Rebate program is offered to residential property buyers as a way to offset the cost of new home purchases.

View Full Post
15 December 2023

What to Do When You're Not Ready to Move Into Your New Condo

If you’ve bought a new condo and want more insight into your rebate options, from the HST Rebate on new homes to the New Residential Rental Property Rebate, contact the experts at Rebate4U for more insight and personal guidance.

View Full Post
27 November 2023

So You Built a New Home, Now What?

If you’ve recently finished building your new property in the last two years, you may be eligible for money back with the HST rebate in Ontario. The program allows homeowners to recover a portion of their HST spent on construction.

View Full Post
17 October 2023

Signs You'll Benefit from the HST Rebate in Ontario

The HST Rebate in Ontario is a valuable and beneficial program available to homeowners in Ontario. Unfortunately, many new home buyers or even long-time homeowners are unaware of the program’s existence or their eligibility. The new home HST Rebate can be nuanced, but with the guidance of an experienced, trusted, and knowledgeable professional like the team at Rebate4U,...

View Full Post
29 September 2023

Benefits of Renting Your Newly Purchased Home

It’s not uncommon for property owners to purchase a new home or condo with the intention of making it their primary residence but then later change their minds to use the newly acquired or built property as a rental unit. Whether you build the home from the ground up or determine that you no longer want to use a newly purchased property from the builder as a home for yourself, there are...

View Full Post
20 September 2023

Experts Tips for Navigating the HST Rebate on Newly Built Homes

The HST rebate in Ontario is a fruitful opportunity for homeowners throughout the region. As housing and building materials costs increase, it’s no surprise that property owners are looking for ways to reduce their investment costs. Offered through Canada Revenue Agency, the new home HST Rebate is a great way to get back some of the money spent on renovating or building a new home. In...

View Full Post
21 August 2023

Tips for Planning Your New Home Rebuild HST Rebate

Rebuilding your home from the ground up can be a daunting undertaking but incredibly rewarding with the right approach and programs like the HST Rebate in Ontario. The New Home HST Rebate allows qualifying residential property owners to recover a portion of their rebuilding costs spent on HST. In Ontario, every sale of services or goods comes with a 13% Harmonized Sales Tax charge, including...

View Full Post
Homeowners, obtain an HST rebate of up to $30,000 today!
get started

Why Choose Rebate4U?

Experienced Specialists

For over 10 years, the Rebate4U team has the knowledge and expertise to help residential property owners throughout Ontario successfully apply for regional HST Rebate programs.

Free Consultations

Our specialists offer complimentary consultations where we review your eligibility to determine whether you qualify for an Ontario HST Rebate so you can proceed with your application confidently.

Millions Awarded

We are able to expertly navigate rebate opportunities, staying up-to-date on the most recent rebate developments and changes in the HST Rebate program to maximize returns. To date, we’ve successfully acquired millions of dollars for clients in total.

Customer Commitment

The Rebate4U team is dedicated to delivering the highest level of customer service, we are here to answer your questions and help you navigate the intracises of your application easily and efficiently.

Cashing-In on the HST Rebate is as Easy as 1-2-3
Contact REBATE4U

Set up a quick, free consultation with the Rebate4U team to explore your HST Rebate options.

COLLECT DOCUMENTS

Submit your required documents to Rebate4U, and we'll handle your application.

GET YOUR Money BACK

Apply for the rebate and receive thousands in rebates in just weeks with Rebate4U.

FIND OUT IF YOU QUALIFY

We are proud to be working with top Canadian companies

Recent Posts view all posts

How to Find a Tenant Ahead of Your HST Rental Rebate Application

If you’re renting out a new residential property, the HST Rebate in Ontario is a great opportunity to get back some of the money you’ve invested into purchasing the condo. Available via Canada Revenue Agency, the New Residential Rental Rebate Program can mean thous...

Read More

3 Stand-Out Benefits of Applying for HST Rebate on Home Renovations

Home renovations are a great way to revitalize your existing property to transform it into your dream home. Working with the best contractors you can make large-scale upgrade plans that rebuild your home from the ground up. With programs like the New Home HST Rebate in Ontario...

Read More
We Are Based

Rebate4U
101-3185 Bathurst St
Toronto ON
M6A 2B2

1-800-610-4510
info@rebate4u.ca

Connect With Us
Error...

Please, enter a valid value

We are sorry...

But the values you entered are invalid

Rebate

In celebration of our 3 year anniversary at Rebate4u Inc, we have decided to reduce our fee structure for all new home and renovation rebates including the New housing rental rebate.  

Don't waste your time looking for anyone else to take care of this because we will not be under sold.
Please fill out the form below or call us at 1-800-610-4510

Please, enter a valid value