Getting your HST back
IF YOU Purchased a new construction home or Renovated an old one!
CALL NOW TO DISCUSS YOUR eligibility 1-888-544-5467
If you recently bought a newly-built home or invested in renovations, whether as your principal residence or as a residential rental property, you may be entitled to an HST Rebate. Contact us for a complimentary assessment of your HST position. Call us at 1-888-544-5467 today!
Select from one of the links below for more detailed information:
The New Housing HST Rebate also applies to substantial renovations, additions and conversions. The word "substantial" is key in determining whether or not your claim for renovations will be successful. In the case of conversions, there are strict guidelines with respect to the prior use of the building, the timing of the changes, and the individual(s) taking up residence during or after the conversion. Generally speaking, if the renovations or changes you make are great enough, the government may agree to treat it as a newly built house for the purposes of the rebate. We can help you determine if the construction work you did to your house is extensive enough to consider your house as new. Even better, though, talk to us before you start your renovation project - it may make financial sense to expand your plans, claim the HST rebate, and use those funds to pay for a larger renovation!
The objective, as it were, of the rebate for rental property is to level the tax field between those who purchase a condo (or some other type of residential housing) as an investment as compared to those who purchase the same "unit" as an owner occupier (that is, as their principal residence). The key difference that remains, though, is that the investor must pay the HST on closing and apply for the rebate (making sure to meet all the qualifications and supply the correctly completed forms). There is an upfront outlay of cash that is subsequently returned, but the investor must have the means to finance that tax for a period of 4 weeks to 4 months or longer, depending on a number of factors with the application. The owner-occupier purchaser of the same condo unit, on the other hand, will likely have the opportunity to assign the rebate to the developer, such that he doesn't pay the HST on closing in the first place, and the developer deals with the issue himself.
When applying for the HST rebate on a residential rental property, there are a number of specific terms you must fully understand if you are to be successful in your claim. For example, did you know that you don't have to construct or renovate a residence yourself to be considered a "builder" under the rebate program? There is a also a distinction between a residential unit and a "qualifying" residential unit. You must first establish that the housing in question is in fact a "residential unit", and then determine whether or not it meets to criteria to qualify for a rebate. The criteria include such factors as ownership, possession, whether or not it's self-contained, the type of lease arrangement and its duration. We are specialists in making sure all of the right tick marks are in place to ensure that you get the maximum rebate allowable.
Buying a new house, condo, townhouse, duplex...? Take some time now to understand how your new home purchase is impacted by the HST. We will be happy to offer our guidance and advice any time, but be aware that it's best to ask the questions well before you close on the deal. Just give us a call or fill out our contact form (above) and we'll talk about how much HST you will have to pay on closing, and, more importantly, how to get it back quickly and without any hassles.