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Making a Mistake on an HST Real Estate Rebate Can be Costly

Making a Mistake on an HST Real Estate Rebate Can be Costly

Making a mistake when applying for an HST real estate rebate can be very costly, not to mention stressful for a homeowner. For many, the HST New Housing Rebate isn’t even on the radar. And while securing a substantial HST refund can be quite rewarding, it has to be done right, with the proper documentation, and with great attention to detail. Like anything financial, the ins and outs or real estate rebates can be complicated and confusing – and often difficult to understand. 

In particular, with real estate HST, there are cases where new home transactions have a “hidden” HST that doesn’t come to the attention of the homeowner. That’s why dealing with a professional rebate specialist makes so much sense. This is not to say that there is rampant scamming in place. However, there are many thousands of dollars available for refund when a new homeowner has a good understanding of the rebate options. Indeed, the rebate experts can be helpful here.

Understanding or not, things can go wrong with HST rebates, and CRA (Canada Revenue Agency) could ask for money back, or even worse. With a rebate expert on hand, there’s not much chance of things going wrong, mainly because expertise and experience allows for successful application of paperwork and a process that is error free. HST rebate experts understand all the regulations and how they might apply to a specific situation, whether a newly built home or a condo.

For the most part, real estate transactions are straightforward. However, things can get a little complex if the purchased property is not going to be the primary residence. For example, if it’s a potential rental property, or an investment property. Clearly, every real estate scenario will have different tax implications, and as such, require assessment expertise, especially when qualifying for an HST real estate rebate. Here again, a rebate professional would be definite asset.

By any measure, getting into difficulty with CRA (or worse still Tax Court) can be one of the most stressful experiences for any homeowner. An oversight, omission, or simple error when applying for an HST real estate rebate can open up a set of problems that may be difficult to contain. The truth is, every rebate application is different in some way, and contracting a rebate professional can make the whole process (and outcome) much more favourable in terms of the refund.

Securing the services of a professional firm to apply for an HST rebate can be worthwhile for a number of reasons. In short, they know what they are doing, after processing thousands of client applications, worth millions of dollars. They clearly don’t make the same type of mistakes that an inexperienced homeowner might make, and therefore offer a streamlined process with little or no stress for the client. Best of all, these professionals are duly recognized by the CRA.

A reputable rebate firm will have skilled tax specialists in house. This allows them to manage the rebate process right from application to refund cheque. And with a good service approach, clients are kept informed throughout the entire process, and until a rebate cheque is received.

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