Did you know that the Ontario HST Rebate is available for newly built property even if you’re planning on turning them into rental properties. If you qualify, HST Rebate on new condos and newly built homes is a great opportunity for property buyers to make up some of the costs spent on your purchase. To apply for this HST Rebate in Ontario, you’ll need to submit your application to Canada Revenue Agency independently of the builder, so it helps to work with qualified and experienced specialists like the team at Rebate4U.
Read on to learn more about how you can get your HST Rebate on a rental property.
What is the HST Rebate?
In Ontario HST is the harmonized sales tax, 13%, which is paid on top of virtually all sales of goods and services in the province. When you purchase a newly built home or condo, the government of Ontario will give you some of the costs back if your newly purchased property meets their requirements.
For rental properties, the HST Rebate in Ontario is known as the New Residential Rental Property Rebate. Depending on your property, you can get back up to $30,000 from the HST Rebate. To maximize your rebate, reach out to Rebate4U. For more than 10 years, we have helped property owners throughout Ontario maximize their rebates.
What Do You Need to Apply?
If it has been within 2 years of closing your property purchase, you can apply for the New Residential Rental Property rebate, but you’ll need the proper documentation to submit to Canada Revenue Agency, so ensure you always retain copies.
These documents will show the Canada Revenue Agency that you are qualified for the HST rebate on a new condo or home by indicating that you have, in fact, purchased a newly built property within the specified timeframe and the new home or condo is being used as a rental property.
To ensure you have the proper documentation for your New Residential Rental Property Rebate application, reach out to Rebate4U. Our team will help you select the property forms and paperwork for a smooth application process.
Primary Residence Mix Ups
If you’ve told the builder at the time of closing that you were planning on using the property as your primary residence, then later decided within the same year to rent it out, you’ll need to correct your mistake. When it comes to correcting HST Rebate application errors in Ontario, it’s best to talk to an expert. At Rebate4U, our team is well-versed in dealing with Canada Revenue Agency, as such, we can help you navigate your rebate application and any mistakes for the best possible outcome.
Working with Rebate4U
Don’t hesitate to get money back on the purchase of your rental property with the New Residential Rental Property Rebate. If you have any questions or concerns, the professional at Rebate4U are here to help. We can provide you with guidance for a stress-free application process you can rely on.
To get started on your application, contact us today!