From start to finish, the HST rebate in Ontario must be filed within two years of substantial completion. The New Residential Rental Property Rebate – also known as the NRRP Rebate – has two years on the final closing date.
The NRRP Rebate is specific to new condominium purchases and new homes. The purchaser of the property must plan to rent out the home or condo. Rebates are processed through CRA (the Canada Revenue Agency).
Once a rebate has been filed, applicants must keep paperwork and supporting documents for a six-year period. Application paperwork must be complete and inclusive while abiding by the prescribed CRA deadline.
Late-Filed HST Rebate Applications
As a general rule, late-filed rebate applications are NOT accepted by CRA. However, there are certain circumstances that might be considered – like illness or accident; a flood or fire; even a disruption of postal services.
If the Canada Revenue Agency is responsible in any way for going beyond the two-year deadline, the New Residential Rental Property Rebate application may be re-considered. This will all depend on the specific circumstances.
Correctly Applying for HST Rebates
With every HST rebate in Ontario, applicants must supply original invoices to support the rebate application. Much like other CRA processes, applicants must retain their submission forms and supporting documents for a six-year period.
Importantly, CRA will only accept original invoices in the name of the actual applicant (or the registered co-owner). Project work estimates or monthly account statements aren’t considered acceptable by the Canada Revenue Agency.
The Timeline for Receiving a Rebate
NRRP rebates (and other similar HST housing rebates) are generally received from CRA within a couple of months. While some rebates might materialize within 4 weeks, it’s not uncommon for an HST rebate to take 6 months for full processing.
For some property owners, the submission process and deadline demands could get somewhat stressful. This might be a good time to consider help from a tax rebate specialist – for assembling all of the paperwork and submitting the application.
HST rebate in Ontario With the Professionals at Rebate4U
With the New Residential Rental Property Rebate, applicants must follow strict submission rules, document requirements, and deadline dates. An application that is late-filed or filed improperly can be disqualified by CRA. Worst still, there are serious cases when CRA can actually demand that a rebate be returned. For some, things can get challenging, complicated, and even stressful.
At Rebate4U, in-house tax experts assist all types of property owners to properly submit their HST rebate applications. We have years of experience with rebates, and we regularly deal with our counterparts at the Canada Revenue Agency. The best part is that we do everything on behalf of our clients from start to finish – and everything to satisfy the two-year deadline period from CRA.
Rebate4U services clients in the Greater Toronto Area and throughout the province of Ontario. Learn more by giving us a call or visiting our website.