If you are on the verge of buying the perfect dream house or if you are planning to build a home, then you should be aware of the fact that it may cost you more than you initially anticipated. The truth is that this is the biggest investment that you will ever make in your life, so it will be hard on your wallet. Taking into consideration that buying a new home is quite an expense, you should consider receiving a government incentive. There is a HST rebate available for buyers of new homes, which helps lessen the financial pressure. In order to obtain the HST New Housing rebate, you should get in touch with Rebate 4 U. In this article we will discuss more about what this initiative implies.
What HST New Housing rebate means
The HST New Housing rebate is basically a program implemented by the Canadian government with the purpose of allowing first-time buyers to receive a portion of the harmonized sales tax they have paid upon the purchase of their newly constructed home. To be more precise, buyers receive up to $30,000, which represents a percentage of the sales tax, no matter the initial price of the property. It is needless to say that this will be good for your wallet. The owner or the builder has the possibility to claim the refund which will be adapted to the final purchasing price.
Definition of first-time buyer from the perspective of the CRA
The Canada Revenue Agency views the first-time buyer as a person who has never lived in a residential property acquired by himself in the preceding years. To put matters differently, you do not qualify as a first-time buyer if you have previously owned a property. Another criteria that you should pay attention to is the fact that your spouse must have not owned the home that you currently live in.
Who is eligible for this rebate
You may be eligible to claim a refund for a portion of the HST if you have done any of the flowing: bought a newly constructed home or commissioned someone to build it, made substantial renovations to a house or condominium (90% or more), or you have bought a mobile home. Homes that have been rebuilt following a natural disaster or that feature new additions are generate acceptability as well. It is important to stress, however, that resale homes are not subject to HST. Equally important is mentioning that that the house has to be the primary place of residence, in other words it has to be the dwelling where you usually live. The house also has to have the right dimensions.
Importance of seeking guidance
If you are considering applying for a HST New Housing rebate, the first thing you need to do is seek professional guidance. There are many other key facts to discuss, not to mention a lot of wrong impressions when it comes to this program. Therefore, the advice of a trained professional will come in handy, especially when it comes to getting the highest restitution possible.