Have you purchased a new investment property in Ontario that you’re planning on renting out? You can recover a significant portion of the costs with the New Residential Rental Property Rebate or the HST Rebate on New Condos in Ontario. This Ontario HST Rebate is offered by Canada Revenue Agency to property owners. It enables you to recover costs on a newly purchased condo that has never been occupied before.
To cash in on this rebate for new condo owners, you can apply within two years of closing, provided you meet the eligibility requirements set out by Canada Revenue Agency. The specialists at Rebate4U will help streamline the application process from determining eligibility, submitting to the CRA, and maximizing your rebate.
Here’s what you need to know about the HST Rebate on New Condos before you apply.
Does this Ontario HST Rebate Apply to You?
If you’re planning on investing in a newly built condo that has never been occupied, you may be eligible for money back courtesy of the HST Rebate on new condos. When purchasing an investment property to be rented out, you will no longer be given the rebate directly from the builder. However, this does not mean you won’t be eligible for the rebate. Instead, you will have to apply independently. Here, it’s always beneficial to get the support of the specialists at Rebate4U.. This Ontario HST Rebate is a valuable option for investors who will not use the property as their primary residence but rent it out for at least one year.
What You Need to Apply for the HST Rebate on New Condos
To apply for the HST rebate, you will need to submit documentation to support your application. Upon closing on the purchase of your new property, you will need to collect documents and begin your application. You’ll need the following documents: closing statement, agreement of purchase and sale, and the 12-month lease agreement. Why Apply for the HST Rebate on New Condos?
Buyers who rent out a newly built property have to pay HST upfront, which often accounts for a significant sum of money. The HST Rebate provides an opportunity to recover those costs upon closing on the property. When you apply for the HST rebate, you can get up to $30,000 back on your property investment.
Working with a Professional Rebate Team in Ontario
When applying for an HST rebate from Canada Revenue Agency, the process can be a challenge for some. That’s why it pays to work with a professional tax rebate specialist. At Rebate4U, in-house specialists provide professional service to homebuyers and condo buyers alike.
Our team serves customers throughout Ontario, ensuring that an HST rebate application is prepared correctly and filed by the deadline. We have many years of combined experience with various HST rebates, and we have regular contact with representatives from the CRA.
Working with Rebate4U, clients are assured of full service: we collect supporting documents, submit the application, and handle associated problems on behalf of each client to ensure a smooth process.