Condos

When purchasing a new condo in Ontario, one of the best ways to reduce costs is by applying for the HST Rebate in Ontario. The program is offered through Canada Revenue Agency, and a successful application can result in tens of thousands of dollars. For the average home buyers the application process for the HST Rebate on new condos or residential rental properties can be quite tricky. For the...

If you’ve recently purchased a new condo from the builder in Ontario, you may not realize it, but you were probably discounted the HST Rebate in Ontario from your cost directly from the builder. In Ontario, all purchases of goods and services have an additional tax added to them – the Harmonized Sales Tax or HST, which amounts to 13%. This includes the sale of properties or the...

Experience When it comes to taxes and government rebate programs, experience counts a great deal. Because with experience comes expertise and a thorough understanding of the program even as it evolves and changes. The Rebate4U team has been helping property owners successfully apply for the HST rebate on new condos and home renovations for more than 10 years. Success Rate The purpose of...

Rental Agreement & Documentation To apply for the Ontario HST Rebate for residential rental properties, you’ll need a lease agreement for one year upon closing on your purchase. For your application to be considered, a copy of your lease agreement, statement of adjustments, and agreement of purchase and sales must all be submitted to the Canada Revenue Agency. For help selecting the correct...

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....

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...

Some ways to reinvest your New NRRP Rebate For many residential rental home owners, the NRRP Rebate can be substantial, and can therefore be re-invested to support the rental property. The important thing is to do everything by the book. adding or upgrading furniture in order to secure higher rent renovating the rental property (again to rent at a higher rate) saving for emergencies...

Landlord Fees that are Tax Deductible In general, you can deduct most reasonable expenses that are related to your rental income. The Canadian government defines these expenses as either current or capital. Current costs reoccur on a regular basis, such as painting the exterior of a building or cleaning eavestroughs. Capital expenses occur less frequently but provide a lasting benefit, such as...