Whether you’re buying a new home, or building a new home, Ontario’s HST New Housing Rebate can be helpful in diminishing the financial stress and strain. The HST New Housing Rebate was created in an effort to help new homeowners with ever-rising costs.
This rebate program runs through CRA (Canadian Revenue Agency) and takes about 2 – 6 months to process, once all of the paperwork has been submitted. Homeowner applications must include all supporting documents and everything must be submitted on time.
How can my owner-built home qualify?
There are certain criteria for claiming the HST New Housing Rebate for owner-built homes. You must build (or engage someone to build) a home on land that you own or lease. You could also “substantially” renovate your existing home (or engage someone to do so).
“Substantially” renovated means at least 90% of the interior of the home must be either removed or replaced. You can also undertake a major addition to your home that doubles the size of your living space. You can also convert a non-residential property into a home.
What rebate amount is available to me?
A variety of factors can affect the rebate amount a homeowner can be credited. There are both provincial and federal portions of the HST New Housing Rebate that can be claimed, and different amounts can be claimed depending on the value of the newly-constructed home.
Owner-built homes can be especially confusing when applying for the HST New Housing Rebate, given the variety of costs involved in its construction. As such, it’s usually best to consult a tax rebate and HST consulting firm like Rebate4U to help you manage your application. As real estate tax experts, Rebate4U will ensure you receive the maximum return possible, without putting yourself through the hassle of submitting your application on your own.
What is the time limit for rebate filing?
Canada Revenue Agency stipulates that you have up to 2 years to claim your rebate once you have occupied the home or your renovation is completed. According to the rules, the earliest that you could apply for your rebate is the day that you first occupied your newly built home.
CRA allows you to claim for the federal and provincial taxes that you’ve paid for construction or for land purchase, as long as you’ve paid your taxes before filing your rebate application. There are a host of rules and regulations that require attention.
In Ontario, the experts at Rebate4U make it easy to get your HST New Housing Rebate
At Rebate4U, in-house tax specialists make it easy to get your rebate. We’ve been dealing directly with CRA for years, and have secured a wide range of tax rebates for our customers.
With Rebate4U, you’re assured of an application process that is comprehensive and always on time. We can be very helpful to first time homeowners new to dealing with the CRA.