Did you know that if you substantially renovate your home, you are eligible for a government HST housing rebate?
To be eligible, it’s important to understand that substantially renovating your home means that 90 per cent of your property’s interior has changed, which means that your home was essentially gutted. You can also apply if you’ve added a new major addition to your home that doubled the square footage of your property. For example, if you’ve added a porch to the front of your home, you will NOT qualify.
Every year, Canadians spend about $41 billion renovating, remodelling or updating their homes, according to Cottage Life magazine. Canadians planned to spend an average of $15,300 on home renovations in 2013, according to a CIBC poll. Depending on where you live in Canada, there are various rebates available for homeowners. If you’re about to spend a lumpsum of money on home renovations, receiving a legitimate cheque from the government is a great way to recoup some of your costs.
The amount you receive varies from province to province, for example, in Ontario you can claim up to $24,000, while in British Columbia, you can claim up to $42,500. You also qualify for up to $30,000 if you’ve bought a newly built house/condo, whether you’re an investor or a new homeowner. But make sure you’re telling the truth because if you aren’t, the CRA could clawback your HST rebate, along with additional interest. (Plus, you may have qualified in the first place if you had filed your claim properly.)
Also, if you’re an Ontario resident and you made accessibility renovations to your home in preparation of a senior living with you (65 years and older) or you are a senior yourself, you may be eligible for a healthy homes renovation tax credit. You can claim less than $10,000 in eligible expenses that relates to the improving the property, whether it’s indoor/outside mobility. Some expenses that you can qualify for include walk-in bathtubs, wheel-in showers, handrails in corridors, grab bars around the toilet, bathtub and shower and the widening of passage doors.
This may come as a surprise, but if your expense is a medical expense, then you can claim it for both the medical expenses tax credit and the healthy homes renovation tax credit.
Also, if you can credit your tax on your energy and property tax, if you are considered a low- to moderate-income Ontario resident. If Rebate4U is handling your HST housing rebate, we can also help you with your tax credits.
Rebate4U can help you figure out whether the changes to your property make you eligible to receive the maximum HST housing rebate. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes. 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.