Most Ontario residents have some knowledge about the HST Rebate in Ontario for principal residences. This rebate is offered ONLY to homebuyers who will live in the home as a primary residence. However, not many people are aware of the HST Rental Rebate offered to property investors who plan to rent the property.
Many government rebates have rules and regulations that are sometimes difficult to navigate. This is not uncommon with the New Home HST Rebate and the Rental Property HST Rebate. Both of these rebates have specific requisites. Being well informed will make a difference between a successful rebate application and not.
The New Residential Rental Property Rebate
Property investors often question whether a specific HST Rebate in Ontario applies to their property. The New Residential Rental Property Rebate is offered by Canada Revenue Agency with various pre-requisites. Rebate4U’s team of experts are ready and can help you prepare all the required supporting documents.
Rental Properties VS Primary Residence Properties
Unlike the New Home HST Rebate (only for primary residences), the New Residential Rental Property Rebate is for investment properties that are rented out. The rebate is available right after the closing date of the purchase.
With the NRRP Rebate, property investors must meet specific CRA guidelines, and the rebate is available ONLY to the buyer. As a requisite, the newly purchased investment property must be rented out for a full 1-year occupancy.
Claiming the NRRP Rebate in Ontario
CRA has specific guidelines for claiming the New Residential Rental Property Rebate. Primarily, the purchased property must be newly constructed or “substantially renovated” and must be used as a residential rental property.
The NRRP Rebate will go to the individual who paid the HST tax. If any of the pre-requisites set out by Canada Revenue Agency are not satisfied, property owners may be required to repay the rebate (in addition to penalties).
Working with a Rebate Professional
It’s no surprise that dealing with Canada Revenue Agency can be complicated. Property owners often find the rebate process frustrating, which is why it can be advantageous to work with a tax rebate specialist who understands the complexities.
The professionals at Rebate4U have many years of experience working with CRA and, in some cases, with direct contact. Property owners who find the rebate application process frustrating can count on the expert team at Rebate4U for assistance.
In Ontario and throughout the GTA, Count on the Experts at Rebate4U
Rebate4U assists all property owners with both the New Home HST Rebate and the New Residential Rental Property Rebate. Our in-house experts manage the rebate application from start to finish and make every effort to attain the highest rebate possible.
With Rebate4U, the rebate application process is made easy, particularly for first-time property owners. We submit everything accurately and on time.
To find out more about an HST Rebate in Ontario, call a Rebate4u expert today or fill out our online form.