Building or purchasing a property can turn out to be an extremely expensive process, and there are many unexpected costs that may create a hole in your budget. If you have recently become a homeowner, then you should take advantage of the tax benefits the government offers. When it comes to a new home tax rebate, there are several aspects you will need to be aware of, starting with the documents needed and up to the legal requirements involved.
What does a HST rebate imply?
If this is your first property purchased, then you probably do not know what a HST rebate exactly is. A HST rebate is a refund offered by the government to those who purchase, build or renovate a property. Depending on the type of property you own and on your initial investment, you have the possibility of receiving a refund up to 30,000 $. Although you are entitled to a rebate even if you have purchased a property or built it yourself, there will be some minor differences, and this is why you need to research the topic, and inform yourself about the maximum amount of money you could receive.
Because it takes some time and effort to actually receive your money, it is best advised to make sure you have collected all the documents required and have all the paperwork in order. The lease agreement or purchase agreement, the closing or adjusting statements are only a few documents you will need to file. If you want your application to be taken into consideration, it is imperative to collect all the document copies required by law. If you want to simplify the process, and to avoid taking the risk of making any mistakes, you can resort to a consultation firm to provide you with some professional advice.
Rebate legal requirements
The first legal requirement to apply for a tax rebate is having recently purchased, built or renovated a property. The date when you have purchased or completed the house building project is also relevant. You will need to file in your application in maximum 2 years after becoming an owner. If you exceed the term of two years, you will no longer be viable for a refund. Also, the property needs to be your main place of residence, so considering using the building for business purposes will not be possible. Another legal requirement is for your overall purchase price to be under 350,000 dollars.
Because the process of applying and receiving a tax rebate is not that simple, it is recommended to resort to an experienced consultation firm that can provide you with the guidance and advice needed. A reputable team of specialists can handle the entire rebate administration process you require, taking care of every detail necessary to ensure you will receive the maximum amount of money. If you have recently purchased or built a house, then wait no longer, and apply for your tax refund now.