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 services associated with building a new property, i.e. construction, inspections, and materials. If you’ve bought a new condo and want more insight into your rebate options, from the HST Rebate on new homes to the New Residential Rental Property Rebate, contact the experts at Rebate4U for more insight and personal guidance.
What Is The HST Rebate on New Condos?
To help homeowners manage the substantial expenses associated with the purchase of residential properties, the government offers the HST Rebate in Ontario. This program can knock off thousands of dollars for buyers. If you’re buying a new condo or home directly from the builder, you won’t have to be concerned about applying for the rebate.
If you’re not ready to move into your new condo, here’s what you need to know about the
HST rebate in Ontario.
Rent Your New Condo Out
When it comes to condo and home construction, delays are not uncommon. Whether you need to put off your move or you’ve decided to earn some extra money by renting out the property for the time being, there are still options for you. The New Residential Rental Property Rebate in Ontario is available to residential property owners who are willing to rent their new condo or property out for a year after it’s done being built. This option can help you generate some extra cash from rent, which you can save up to spend on personalizing and furnishing your space when you’re ready to occupy it yourself. In the meantime, you may still qualify for a rebate on your HST, but you won’t be able to do it through the builder. Instead, you must put an application together independently and submit it via Canada’s Revenue Agency. For more guidance on successfully applying for the HST Rebates on new condos and to assess your eligibility, contact the experts at Rebate4U.
Did You Change Your Mind?
However, if you’ve told the builder you will be occupying the condo as your primary residence but happen to change your mind before it’s move-in ready, it’s a different story. To amend your application and ensure you’re applying for the right HST Rebate in Ontario, reach out to the Rebate4U team. Our experts have been helping homeowners across the region successfully apply for the rebate. Our team will help you determine the correct documentation and requirements to maximize your return.
Make the Most Out of Your New Condo with Rebate4U
The HST Rebate on new condos and the New Residential Rental Property Rebate can put thousands of dollars back into your pocket. With the experts at Rebate4U, you can simplify your application process for a stress-free experience.
