What is the New Residential Rental Rebate Program?
Offered through Canada Revenue Agency, the New Residential Rental Property Rebate is an HST rebate that gives residential property owners a portion of their HST spend back on a newly built condo or rental property. Depending on the property, your eligibility, and the amount spent on HST, this rebate can add up to tens of thousands of dollars back into the pockets of property owners.
If you’re unsure whether your newly purchased property fits the eligibility criteria, reach out to the team at Rebate4U. With more than a decade of experience under our belts, our team will
help you determine whether this rebate program is the right fit for you.
Benefits of Renting Your Newly Purchased HomeThere are many benefits to renting a newly purchased residential property, including the following:
- Increase Income Streams: When you have a rental property, you can make passive income from rent, which can offset mortgage payments, allow you to later make more improvements on your home or spend more comfortably on what matters most. With the HST Rebate in Ontario, you can get even more money back with a successful application.
- Allow Property to Appreciate: If you’ve purchased a new residential property in an area in which you’re not keen on living, renting it out buys you time for the property value to increase. To qualify for the New Residential Rental Property Rebate, you must have at least a 1-year lease on the property, after which you can decide if you’re ready to move in, renovate, continue renting, or sell.
How to Apply for the HST Rebate on Residential Rental Properties
Like many services offered by Canada Revenue Agency, many property owners find themselves stressed or unsure of how to accurately and effectively apply for the HST Rebate program accurately and effectively. For an application to be successful, you must provide the correct documentation, including the Agreement of Sale and more. You must also apply within 2 years of closing with evidence of a lease agreement. To facilitate HST rebate applications in Ontario, turning to professionals is always recommended. At Rebate4U, our team knows what you need for your application and will help you gather the appropriate documentation and evidence to maximize your return.
Our specialists at Rebate4U will guide you through the application process to ensure that everything you submit is accurate, so you can count on a stress-free and successful experience.Ready to find out if you qualify?