The real estate market needs to be constantly encouraged and supported by the government. Otherwise, it might show its claws. After the 2008 events, it is clear to everyone that once the real estate market starts biting, it is rather difficult to make it stop. So, governments in all parts of the world try to figure out ways to keep the real estate market in control, making sure that nothing wrong is going to happen. One way of successfully accomplishing this goal is through the home rebate tax. The Canadian government has put together a program through which people willing to invest in the real estate market can recover their investment. For instance there is the first time home buyers rebate and then, there is the one involving home renovations and repairs. The program is not necessarily complicated, but it has quite a few rules and regulations. This is why people often stumble upon problems, which they find rather difficult to solve. Instead of giving up, the smart thing would be to ask questions, lots of them, as often you think it is necessary. Also, study forums and dedicated platform. You can find tons of helpful pieces of information that might clear some of the misunderstandings. Here are three of the most frequents asked questions reading this topic.
Question No. 1: Am I qualified?
The program aims at help as many homeowners as possible. However there are rules and regulations that clarify things. You can apply for the program if you had a home built on a construction found in your property, before the construction began. Also, you can apply if you purchase a home with land, a condo or even shares in the Cooperative Housing Corporation. Make sure you read all the pieces of information concerning this topic, preferably on dedicated, trustworthy websites.
Question No.2: What is the value of the rebate
It is important to know what you are focused on achieving in terms of gains. It is true that you are recovering your investment, but how is it quantified? The rebate is of 18.75 % of the provincial portion of the consumption tax in the case of a home construction or purchase. In the case of capital stock, the rebate is a maximum of $3,000.
Question No.2: IS better to hire a company or handle the process myself?
Answering this question is not simple. There are people, who like to be in control of things, so, in their case, the obvious answer would be to handle the process themselves. However, it is not simple. In fact it can be rather time consuming and overwhelming. This is actually the reason for which people in a larger number choose to collaborate with a company, dedicated to its services and with lots of experience in this domain. Finding such a partner will allow you to enjoy the result of the process faster and simpler.
Hopefully these pieces of information have shade some light on the topic. The bottom line is that before you decided on anything, do your homework, do the research and understand your options.