Every so often, you outgrow your home. As trends evolve and your style changes, you might find that the layout and design of your property don’t suit you anymore. Whether it’s the home you’ve lived in for decades or an older property you’ve recently purchased, a full home renovation can revitalize your home entirely. The biggest roadblock that property owners in the city face are the costs. Remodeling your whole home can be a financial burden, but the Ontario new home HST rebate or the HST rebate on home renovations can help you get some of the money back.
Here are some benefits of a full home renovation in Ontario.
Money Back with the HST Rebate on Home Renovations
The Ontario new home HST rebate is a program offered by the government through the Canada Revenue Agency that gives property owners a portion of the money spent on Harmonized Sales Tax (HST) back.
The Ontario HST rebate program is available to qualifying owners who are constructing a new home or who have renovated approximately 90% of the property or more, essentially tearing the house down to the studs and rebuilding it all over again. For your application to be successful, this house must serve as your primary place of residence.
In many cases, this rebate can amount to tens of thousands of dollars back into the homeowner’s pocket. When applying with the help of a recognized and accomplished rebate specialist, like the Rebate4U team, you can maximize your rebate amount with a timely and error-free application.
Other Benefits of a Full Home Renovation
Remodeling your entire home within a short period of time can be a lot to take on, but it can increase property value by updating its appeal to potential buyers in the future while also improving the functionality. After a couple of decades, a home’s infrastructure deteriorates from plumbing and electrical elements to roofing and structural components. Upgrading your home allows you to detect all of these vulnerabilities or insufficiencies and efficiently address them. While you may spend more by taking on every room at once, you can compensate for those construction costs with the HST rebate on home renovations.
Applying for the Ontario New Home Rebate
To successfully apply for the Ontario new home rebate, you’ll need to fit all of the eligibility requirements set by the Canada Revenue Agency. For your application to be considered by the CRA, it must be submitted in no more than 2 years of completing the renovation. So, if your renovation is scheduled too far apart, your property won’t be considered a substantial renovation, and as a result, it won’t be eligible for money back via the Ontario HST rebate on home renovations.
To find out what other requirements your property must fit to successfully apply for the Ontario HST rebate, talk to the Rebate4U team directly.
Applying with Rebate4U
When it comes to working with Canada Revenue Agency and maximizing your rebate, you can count on Rebate4U. We’ve been helping property owners in Ontario get their HST back from the HST program for over a decade. Now, it’s your turn.