In today’s economic state, many property owners and buyers are concerned about how far their money is going. Rather than simply purchasing a new home directly from the builders, many home buyers looking to find the perfect residence are turning to renovations and construction. Instead of opting for a templated home that matches the others on the block, you could buy a plot of land and completely customize your home from the bottom up, or you can buy an old house, tear it down to the studs, and transform it entirely. These options not only ensure you create the perfect home, but it allows you to put money back into your pocket with the HST Rebate in Ontario. If you are exploring either of these options for your primary residence, contact the experts at Rebate4U to learn more about how applying for the HST Rebate on new homes can be financially beneficial to you.
Here’s what you need to know about the HST Rebate and how you can get money back with your new home.
What is the HST Rebate on New Homes?
The Harmonized Sales Tax (HST) Rebate on new homes is a program offered by the Ontario government through Canada Revenue Agency. The goal of the program is meant to help alleviate the financial burden associated with new home purchases and major renovations. The HST rebate program allows eligible new home buyers and renovators to recover a portion of the HST paid on the purchase or construction of a new home, or on significant renovations to an existing home.
Eligibility Criteria for the HST Rebate
To receive the HST Rebate in Ontario, you must meet the eligibility requirements set out by Canada Revenue Agency. Here are some of the criteria required to qualify:
- Primary Residence: The rebate is available to individuals who purchase a newly constructed home from a builder. The home must be used as the primary place of residence for the buyer or a close relative.
- Owner-Built Homes: If you build your own home, you can apply for the rebate on the HST paid on construction materials and services required to build your new home.
- Substantial Renovations: For significant renovations that transform an existing home in a virtually new home, you can apply for the HST rebate on home renovations if the work is extensive enough to be considered a substantial renovation, which typically means 90% or more of the interior must be replaced or improved.
Applying for the HST Rebate on New Homes
To apply for the HST Rebate on home renovations or a home you built from the ground up, you must submit your application independently to the Canada Revenue Agency. To ensure your application is submitted accurately and successfully, we recommend that you book a free consultation with the experts at Rebate4U. Our experts will help guide you through your application to maximize your return from the HST Rebate. All you need is documentation of all your purchases and invoices to prove that you were already charged HST. By ensuring that all information is accurate and complete you can avoid delays in processing.
Get started with your HST Rebate.
