Did You Purchase a Condo as an Income Property? You Might be Eligible for a Significant HST Rebate

Did You Purchase a Condo as an Income Property? You Might be Eligible for a Significant HST Rebate

If you’ve made a purchase of a brand new condominium from a builder, you might qualify for an HST Rebate of up to $30,000. For those who plan to use the condo as an income property, thereâ’s an opportunity to claim a rebate through the government’s HST Rental Rebate Program. With the right documentation in place, the in-house experts at Rebate4U can assist in submitting the claim and asking for the largest rebate possible. Applicants will require:

  • a copy of the legal realty purchase/sale agreement
  • a copy of the final closing statement of adjustments
  • a copy of the one year lease agreement with tenants

Eligibility for the HST Rebate on condominiums varies with the type of property and the planned usage. Most buyers seem to be aware of the HST Rebate that is available for a condo purchased as a principal residence. But many buyers don’t know about the rebate available when the condo is purchased as an investment and then leased out to tenants. As long as the condo was purchased in the last two years, the owner would be eligible for a rebate.
In most condominium transactions, buyers will be asked whether the property will be a principal residence or an income property. Unfortunately, there is often confusion for new buyers when it comes to understanding the guidelines for HST Rebates. Builders will usually formulate a closing price that includes HST, and will likely benefit from a potential rebate. At Rebate4U, the process is more clearly defined, and the benefits come to the buyer.
As specialists in HST Rebates, the team at Rebate4U can assist in evaluating the HST that should be paid, and can assist in recovering the applicable rebates from government. Here, the Rental Rebate Loan Service helps buyers to acquire the maximum rebates, in a stress-free manner that is both simplified and understandable. With all of the administration and paperwork, the process becomes straightforward and professionally administered.
For many, the HST Rebate process is hard to grasp, and submission errors often occur. This can be time consuming and sometimes costly – especially if a rebate has to be repaid due to an error. In addition, the two-year window for applications can quickly disappear, and then it’s too late to submit. With Rebate4U, submission errors are avoided, and inconsistencies are handled through proper communication and follow-up with government.
HST Rebates are offered to both first-time condominium buyers and more seasoned real estate investors. But in either case, Rebate4U staff can help with eligibility requirements, submission of paperwork, and securing the maximum rebate amount. Beyond condo purchases, Rebate4U can also assist buyers with other real estate activities that qualify for government HST Rebates. These services are client-focused, with the most competitive fee structure:

  • building a brand new residential home
  • substantially renovating a home or condo
  • building a major addition to an existing home
  • converting a property into a residential home
  • contracting a builder to do any of the above

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