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How much money will you receive from an HST rebate

How much money will you receive from an HST rebate

(Photo credit: Devonyu/iStockphoto.com)

(Photo credit: Devonyu/iStockphoto.com)

It might be hard to believe, but the government has an HST new housing rebate program that gives homeowners some of their money back. HST rebates gives homeowners a chance to claim back a portion of their property’s HST from the CRA – whether it’s a personal property or investment property.

Homeowners qualify if their property is a newly built house or condo or if the property has been renovated to the point that 90 per cent of the property’s interior has been renovated.

It’s important to ensure that you qualify and it might be a little known fact, but the amount you can claim differs based on where you live. Some provinces have additional provincial programs that compliment the federal one.

If you live in Ontario, you’re in luck since the province offers a similar government initiative similar to the federal program. You can receive a cheque of up to $24,000 from the provincial program and combined with the federal program, you receive about $30,000 back from the CRA.

If you live in British Columbia, an HST cheque will help you cover a portion of your pricey real estate with the CRA giving you back $42,500 and that’s only considering the federal program. Both of these provincial programs do not account for the market value of your property. (Note: The provincial BC program was recently cancelled, but you may qualify for the federal program.)

Meanwhile, if you live in the prairie provinces and the territories, residents can claim a federal rebate which offers a maximum rebate amount of $6,300 on their property, but only if its market value is less than $450,000. In Ontario and British Columbia, many house owners don’t qualify for the federal portion since their properties are overvalued. But this portion can be available to condo owners, which leads to higher rebates for condos.

Rebate4U can help you receive the maximum HST rebate back and ensure that the CRA won’t take your HST rebate back later. 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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