If your home has been subject to fire or extreme damage from debris or even tornados, you may be left considering demolishing or gutting the property and rebuilding a new home on that property to make it habitable again. In Ontario, if you’ve recently completed a major renovation or rebuild, you may be eligible for an HST rebate, enabling you to recover some of the costs you invested into your property. When unexpected damages occur, the costs can quickly add up, between materials, contactors, and planning. But with the Ontario new home HST rebate on home renovations, you can recover a portion of the HST and minimize the financial burden.
At Rebate4U, we’ll help you determine if your rebuild qualifies for the Ontario New Home HST Rebate and we’ll guide you through your application so you can maximize your rebate.Here’s what you should know about the HST Rebate on Home Renovations.
What is The Ontario New Home HST Rebate Program?
In Ontario, HST (harmonized sales tax) is the 13% paid on top of the purchase price of goods and services. The HST rebate on newly built homes, gives property owners who are building a brand new property or are renovating their existing home significantly an opportunity to recover the costs of HST. The program is offered through the Canada Revenue Agency (CRA).
How to Know if Your Property Qualifies for the Ontario HST Rebate?
To be eligible for the HST Rebate on Home Renovations, the property undergoing construction must be your primary residence. And the renovation must either be self-contracted or you can hire a builder. You must also hae been charged HST. For the renovation itself to qualify, your home should essentially be completely gutted and approximately 90% of your home must have been renovated.
Many people aren’t aware of the HST rebate on home renovations or are not sure whether their properties qualify for the government program. Working with Rebate4U, you can find out if your property is eligible for the HST rebate on home renovations in Ontario. With more than a decade of experience corresponding with Canada Revenue Agency and working with homeowners in Ontario to maximize their rebate.
What Do You Need to Apply for the Ontario New Home Rebate
If you’ve suffered severe property damage, keep a record of any demolition or rebuilding work, especially invoices. To successfully apply for the Ontario HST Rebate, your application must be submitted to the CRA within 2 years of the renovation or rebuild and it should also be supported by the proper documentation. Should you have any uncertainties about your application, contact Rebate4U, our team of specialists will help you compile all the necessary documentation and information to streamline your application.
What If There’s a Mistake?
If you think you’ve made a mistake or fear that you will make a mistake on your HST rebate application, don’t stress, call Rebate4U right away. We know how to work with Canada Revenue Agency to rectify errors and ensure a seamless application, so you can maximize your rebate!