How to Cash in on Your Major Home Addition

How to Cash in on Your Major Home Addition

One of the benefits of residential properties is that homeowners can leverage renovations entirely to customize and upgrade their space. In some cases, this may mean knocking down a property, tearing it down to its studs, and starting over again. In other situations, renovating your home means constructing a major addition. When you work on your home, the cost is a common concern, but with the HST Rebate in Ontario, you may actually be able to get money back on your residential home construction. At Rebate4U, our team of experts will help you apply for the New Home HST Rebate so you can get a portion of your investment back.

Read on to learn more about how to cash in on your major home addition with Rebate4U and the HST Rebate in Ontario.

What is the HST Rebate on New Homes?

HST Rebate home renovationsThe New Home HST Rebate is a program offered by the government that provides those purchasing, building, or significantly renovating a new residential property a refund on a portion of their HST spend. HST, or Harmonized Sales Tax, is charged on every purchase of sales and goods in Ontario, amounting to 13%. On a large project like a major home addition, HST can end up costing the property owners tens of thousands of dollars. The HST Rebate in Ontario can be quite significant for qualifying property owners. When you apply with the help of an experienced tax specialist at Rebate4u, you can be confident that you will maximize your money back.

Does Your Property Qualify for the HST Rebate in Ontario?

For your HST Rebate application to be successful, your property must fit the eligibility criteria expressed by Canada Revenue Agency. If you’ve been working or planning home renovations and additions, reach out to the Rebate4U team. Our
specialists will provide you with a complimentary consultation to determine your eligibility.

Types of Major Home Additions

Some major home additions that may deem your residential property eligible for the New Home HST Rebate is the construction of a new wing. When it comes to new wings in residential construction, many homeowners opt for one or some combination of the following:
Sunrooms & Conservatories: Glass-encased rooms that offer increased natural light, which can be used as an escape for relaxation or even entertaining.
A Second Story: When you need more space, you can add an entirely new floor to your property which is typically used for more bedroom space but can be leveraged for virtually any functionality.
In-Law Suite: A contained living space attached to the main property but has its own entrance. In-law suites are often used for family members you live with but need their own privacy or for rental units in the future.

What You Need to Apply for the HST Rebate?

To apply successfully for the HST rebate on a major home addition, you’ll need to retain documentation related to your home renovations and construction and be within 2 years of completing the project. For more insight and help with your application, contact Rebate4U. Our team is here to guide you and answer all of your questions.

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