Many people had big plans for their homes in 2022. But with busy days, booked contractors, and supply shortages, there may not have been about time to complete home renovations. Luckily, a new year is around the corner, providing ample opportunities for homeowners in Ontario to get started on their home remodelling projects. There are many reasons to make 2023 the year to build your brand new home, starting with the New Home HST Rebate in Ontario.
Here’s what you need to know about the HST Rebate in Ontario & your 2023 renovation plans.
What is the New Home HST Rebate in Ontario?
In Ontario, harmonized sales tax, otherwise known as HST is a 13% tax applied to the purchase of all goods and services throughout the province. But when you’re building a new home from the ground up or significantly renovating an existing property, the HST Rebate in Ontario gives you a portion of that 13% back if your home renovation project meets all of their eligibility requirements. For more insight into your qualification, reach out to the experts at Rebate4U. With more than a decade of experience helping homeowners successfully get their HST back with Ontario’s New Home HST Rebate, Rebate4U can help you get the most out of your application.
Application Timeline
If you haven’t started your renovation or remodelling project yet, the new year is a great time. For your HST rebate application to qualify, it must be submitted to Canada Revenue Agency within 2 years of completion. By completing construction in 2022, you have ample time to put together a detailed application with Rebate4U and secure your return from the government. Note that for your renovation to be considered, it should cover about 90% of your property or include a substantial addition. The team at Rebate4U will provide you with more personalized insight into how well your newly constructed home fits the criteria.
Other Benefits of Renovations in 2023
In addition to saving money on your construction costs with the HST Rebate, there are many additional benefits to renovating and remodeling your home in 2023. In the new year we will see many new interior trends emerge, and you will better be able to incorporate modern design trends and layouts into your new home.
As high-demand and supply shortages for construction materials heavily affect renovation projects in 2022, starting to plan early in 2023 gives you more time to accommodate delays and source the products you want. Just remember to keep a copy of all your invoices on labour and materials to prove how much was spent toward HST when you apply for the Ontario New Home HST Rebate.
Applying for the Ontario New Home HST Rebate
Submitting an application to Canada Revenue Agency can be daunting if you’re not familiar with the process. But the return offered by the HST rebate in Ontario is worth it if you’re a match for the program. So, to streamline the process and reduce your stress, you can work directly with the Rebate4U team to put together a perfect application and maximize its results. For any questions and to find out if you qualify, contact us today.