If it's your dream to own a property, rent it out and earn easy money, you may need to rethink that scenario. While being a landlord can earn you a steady income, there's more to it then having someone stay at your home and pay you money once a month.You will be responsible for the property's maintenanceDepending on how your tenants treat their rental space, it's smart to put away some funds for handling repair costs, whether it's replacing a new appliance, cleaning the property and ensuring that everything works properly. While tenants should be required to buy content insurance, it's your responsibility as a landlord to handle any emergency repairs and general maintenance. If you're a handy person, this will put your skills to the test. But don't be mistaken, at times being a landlord can be like a part-time job. For example, if it's a broken shower head that needs to be fixed, your tenants likely won't take it well if they're stuck waiting for a few days.You will need to properly vet potential rentersWhether you decide to post the rental room/space online or get the help of a real estate agent to show your property, it is still your responsibility to properly check the backgrounds of people who might share a home with your or live in a property you rent out. Always get a references, especially one from their previous landlord, to get a better idea of your potential tenant's character. If there is no space for a vehicle or you're concerned about our child's pet allergies, it's important to state some of those restrictions in your posting. The CMHC offers tips on properly finalizing your rent agreement.You will need to learn the rights of tenants and landlordsEven after you've talked to a tenant's references, there's still potential that they may not turn out how you expected. Whether you've suddenly discovered that they're constantly throwing parties and wrecking the place or they're drug dealers, it's important that you understand the legal steps you may need to take. Whether it's giving them a written notice, calling the police or contacting the province's rental authority, it's important that you're aware of the rights and responsibilities of a renter and the landlord to handle the situation. This varies based on the province you reside.You will need to ensure you are following the lawWhether you decide to renovate your property to make room for tenants or cordon off space in your current property, it's important that whatever changes you make receive a development permit to go ahead. The more tenants you rent to means more money for you, but you need to make sure that any changes you make to a space properly adhere to the city's fire code for their safety, as well as yours. If not, then you may be reported for running an illegal dwelling, which could lead to fines and the city could force you to undo the changes you made. Also, if a fire happens, the insurance company may not cover the costs and you could be left on the hook. Before accepting renters, make sure you inform your insurance company of the change. Also, just like any other income you make, you'll be expected to report it and pay taxes on it. In the best case scenario, the amount you rent your property out for will help you pay off its mortgage and it'll require minimal effort on your part. But that doesn't always happen. If you have bought a newly built house or condo unit as an investment property, you are still eligible for an HST rebate to help you offset some of your costs. One thing we caution is make sure that you're upfront with the builder on your plans for the property because in some cases, the CRA has requested its HST rebate back with interest.Rebate4U can help you determine whether you qualify for an HST rebate and if so, how much you can receive from the CRA. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.

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Newly built homes

27 November 2023

So You Built a New Home, Now What?

If you’ve recently finished building your new property in the last two years, you may be eligible for money back with the HST rebate in Ontario. The program allows homeowners to recover a portion of their HST spent on construction.

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Rebate Blog

17 October 2023

Signs You'll Benefit from the HST Rebate in Ontario

The HST Rebate in Ontario is a valuable and beneficial program available to homeowners in Ontario. Unfortunately, many new home buyers or even long-time homeowners are unaware of the program’s existence or their eligibility. The new home HST Rebate can be nuanced, but with the guidance of an experienced, trusted, and knowledgeable professional like the team at Rebate4U,...

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29 September 2023

Benefits of Renting Your Newly Purchased Home

It’s not uncommon for property owners to purchase a new home or condo with the intention of making it their primary residence but then later change their minds to use the newly acquired or built property as a rental unit. Whether you build the home from the ground up or determine that you no longer want to use a newly purchased property from the builder as a home for yourself, there are...

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Newly built homes

20 September 2023

Experts Tips for Navigating the HST Rebate on Newly Built Homes

The HST rebate in Ontario is a fruitful opportunity for homeowners throughout the region. As housing and building materials costs increase, it’s no surprise that property owners are looking for ways to reduce their investment costs. Offered through Canada Revenue Agency, the new home HST Rebate is a great way to get back some of the money spent on renovating or building a new home. In...

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Newly built homes

21 August 2023

Tips for Planning Your New Home Rebuild HST Rebate

Rebuilding your home from the ground up can be a daunting undertaking but incredibly rewarding with the right approach and programs like the HST Rebate in Ontario. The New Home HST Rebate allows qualifying residential property owners to recover a portion of their rebuilding costs spent on HST. In Ontario, every sale of services or goods comes with a 13% Harmonized Sales Tax charge, including...

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Renovations

31 July 2023

Identifying HST Rebate Eligible Elements in Your Construction Journey

The HST Rebate in Ontario is an excellent opportunity for property owners looking to undergo major construction. Whether you've recently purchased a plot of land to build a brand new property or are planning to tear down an existing home to its studs and renovate it, the HST Rebate on a newly constructed or renovated home can supplement a significant portion of your costs. So much energy, time,...

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HST housing rebate Rebate Blog

24 July 2023

Why Rebuild Damaged Homes with HST Rebate in Ontario

Residential properties can be damaged significantly for a multitude of reasons, from house fires and windstorms to wildfires. Severely damaging properties can be a huge financial expense. But with insurance and Ontario’s HST rebate program, knocking down your property and rebuilding it from the ground up can be the most cost-effective route. Not only are you minimizing your expenses with the HST...

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Rebate Blog Newly built homes

25 May 2023

Guide to HST Rebates & Renovations this Summer

As spring turns into Summer and the pandemic fades into the rearview mirror, more and more homeowners throughout Ontario are embarking on shelved renovation and home construction projects. What many people don’t know is that your construction or renovation of a newly built home can award you significant savings through the HST Rebate in Ontario. Various rebates are available through the Canada...

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Renovations Rebate Blog

01 May 2023

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...

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Rebate Blog

31 March 2023

Benefits of Renting Your New Home

If you’ve been thinking about investing in a new home or you’ve put the deposit down on a new home but aren’t quite sure if you’re ready to make a move, the thought of renting may have crossed your mind. With the Ontario HST rebate program, a rental property can be a great option to get some money back on your investment into a new home. The New Residential Rental Property Rebate will buy...

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