The HST Rebate on new condos in Ontario is a great opportunity to recover a significant chunk of costs spent on new purchases or remodels and is definitely a worthwhile endeavour. However, to the average homeowner, the application process can be confusing, stressful, and complicated. With various HST rebates in Ontario available, it can be difficult to determine which one to even apply for without the help of a professional tax specialist.
At Rebate4U, our team has years of experience to help you manage your application for an HST rebate on a new condo for a streamlined, stress-free-accurate experience.
Differentiating the HST Rebates in Ontario for Condo Owners
HST real estate rebates are available through Canada Revenue Agency and are designed to recover some of the HST taxes paid on a property purchase. The exact HST rebate in Ontario you qualify for will depend on your particular situation – how you have built the condo, how you intend to use it, and when you completed the condo. At Rebate4U, our team is highly experienced in both the HST new home rebate and the New Residential Rental Property Rebate.
If you or an immediate family member intends to use a
newly built or remodelled condo as a primary residence, you will be directed to the HST New Home Rebate. On the other hand, if you intend to rent your newly built condo out, you’ll have to consider the New Residential Rental Property Rebate the right option. This rebate is applicable when purchasing a newly built condominium once you have signed a tenant lease for a year.
Understanding the HST Rental Property Rebate
With the HST rental property rebate, it’s recommended that the application paperwork be filed right after the closing date of the property purchase. After two years of the condo’s closing date, you may no longer be eligible. A tenant rental agreement must also be included in the application package (a minimum one-year occupancy is required).
For many, it’s difficult to understand the rebate guidelines from the Canada Revenue Agency (along with all the calculations). As such, working with a tax rebate specialist can be valuable – and with the experts at Rebate4U, clients can attain the maximum HST rebate amount.
The HST Rebate in Ontario (for a rental property) is offered to condo owners who intend to rent out the unit. To claim this rebate (also known as the New Residential Rental Property Rebate), the new condo owner must supply supporting documents in the application form.
- a true copy of the agreement of purchase and sale
- copies of the statement of adjustments on the sale
- a copy of the rental agreement (one-year minimum)
Working Directly with the Experts at Rebate4U
With the various HST rebates available from Canada Revenue Agency, property owners need to choose a rebate that applies to their situation. The HST rebate on a rental property, for example, is much different than if the new property was being used as a primary residence.
In many cases, new property owners find it beneficial to work with a tax rebate specialist. At Rebate4U, in-house rebate experts streamline the application process and assure clients of the maximum rebate amount possible. This is of particular benefit to real estate novices who have little experience.
The team at Rebate4U is highly experienced, understanding all of the eligibility requirements with HST rebates. We always submit applications and supporting documents accurately and on time. Most of all, we provide a trusted relationship and personalized service throughout the application process.
Contact the team at Rebate4U to get started on your rebate today.