When buying a new home or renovating your current one, be sure the Government will tax it. However, fear not. There is a way for you and your family to get that tax back, at least a part of it. You might have already heard about HST new housing rebates. This is a program for the first time owners, which enables them to recover part of the investment. As a new owner, this is the first thing you want to document yourself about. Here is how does the HST new housing rebate works and the steps you should take.
Am I an eligible candidate?
You should consider some questions if you want to find out if you are an eligible candidate for a HST new housing rebate. Is the property listed as your main residence? If the answer is yes, then you are. Alternatively, if you are already the owner of a house, but you recently made substantial improvements, you can also ask for this type of rebate. In addition, you must be the owner of the property in the past two years, tops. Above that, you are not an eligible candidate anymore. However, take into account the amount spent when buying or renovating your house. If it equals $ 32,000, tops, you can entirely recuperate the tax. However, properties evaluated over the previous amount are eligible for a partial rebate. Either way, you are going to get part of your investment back.
How long does the process take?
In matters of time, our advice is to be patient. The process might take up to two years, especially if your property is evaluated at a higher price. However, with professional help, in the end, your money will be back into your bank account.
What are the steps of the process?
Initially, you should get in touch with a specialised company that can help you in this matter. Although you might have checked by yourself if you are an eligible candidate, ask for a professional opinion. Next, you should set for a meeting with a specialist and brig some documents in order to make it possible for them to proceed with your HST new housing rebate process. Bring some floor plans of your new house, all the construction invoices, and a copy of your home insurance policy. Form here, you can leave the matter in the hand of the agency’s specialists, without even paying an upfront fee.
No matter the type of your new permanent property, you will be able to get your tax back, entirely, or partial. Some money is better than no money; therefore, be wise and choose to get in touch with a tax rebate company. They will be able to manage the entire process in an effective and professional manner. The process is complex, and if you are considering to handle it by yourself, your actions are very likely to be unsuccessful. When hiring professionals, you make sure the tax will be rebated, even if it takes up to two years. Enjoy your new shelter and use the tax rebate money to decorate it as you wish.