The current global health crisis has created an unpredictable dynamic in the daily lives of people all over the world. In Canada, social distancing measures have been in place for just over a month, with great implications on businesses and the economy. From mandatory closures to temporary layoffs, COVID-19 has left many Ontarians in a state of financial instability, looking to find ways to invest their savings, limit spending, or make extra money in order to stay afloat. For those who have recently purchased or renovated a large part of your home within the last 2 years, you may be able to seek some relief in the Ontario HST New Housing Rebate. This rebate allows homeowners to recover some of the HST expenditure on their newly purchased or renovated home, which can amount to a significant return depending on your situation.
Who Qualifies for the HST New Housing Rebate?
While its name might imply that the rebate is only available to those who have purchased a brand new home, it is actually available to a much broader group of homeowners. In addition to having purchased a brand new house that has never been lived in, the HST New Housing Rebate is also applicable to homes that the owner has built by themselves from the ground up, homes that have had at least 90% of its interior reconstructed or renovated, and in some cases, pre-construction homes and condos, depending on the arrangement with the developer.
The HST New Housing Rebate stipulates that these homes must have been built or renovated for the sole purpose of the owner residing there. If you have recently purchased or significantly renovated a home or condo to be used as a rental property, the New Residential Rental Property Rebate may be able to offer you some assistance.
How can the HST New Housing Rebate Help Me?
No matter what your current situation during the COVID-19 outbreak, we could all use a little extra financial reassurance. If you qualify for the HST New Housing Rebate, you could see a return on a significant portion of your HST expenditure on the purchase or renovation of your home, which can provide additional financial security to your and your family during this unpredictable time. However, the exact amount of return will depend on a variety of factors, including overall purchase or renovation cost of the home. As many there can be many variables that determine the amount of rebate, it’s usually wise to seek some help with your rebate application.
Trust the Real Estate Tax Experts at Rebate4U!
The team at Rebate4U understands the peace of mind that comes with knowing you have additional financial resources at your disposal during a crisis. In response to the COVID-19 outbreak, we have implemented our Business Continuity Plan in order to continue to offer our same dedicated service to those who need it most.
Our senior staff remain vigilant in supporting our teams who are working from home to safely guide you through your rebate application process, and ensure you receive the maximum return possible for you and your family!
Contact the experts at Rebate4U today to get started on processing your HST New Housing Rebate Application!