If you are currently building your own house or working on a substantial renovation on your existing home, you may be interested in learning more about a tax rebate that could put some of your hard-earned dollars back into your pocket. You may also qualify for a rebate if you have constructed your home or substantially renovated it within the last two years.
The name of the rebate is the GST/HST New Housing Rebate and with it you could potentially receive up to $30,000 back when you meet any of the qualifying conditions as listed below.
1. You have added a major addition to your home. The addition must at least double the size of the living space in the home.
2. Have purchased a majorly renovated or a new home, mobile home, condo, floating home or a duplex from a builder.
3. Have had a new home built on land that you own.
4. Have renovated your existing home substantially.
6. Have converted a property that was deemed to be non-residential into a house.
7. Purchased some capital stock of a co-op that was newly constructed.
If you buy a new condo or a home it must be your primary residence or you must have rented it out for a minimum of one year. As well, if you purchase a new condominium or home from a builder, you'll need to read through the contract to find out if you would be eligible for this rebate. In many cases, the contract will state that the builder has the right to apply for the rebate instead of the new home owner.
If you're interested in finding out more about this rebate and other types of rebates that you may not even know about, there are companies that specialize in this type of thing. There are a lot of rebates available and if you have spent a lot of money on contractors and materials to build a new home or to renovate an existing home, you just may be able to get thousands of dollars back by doing some quick research or by contacting a company that specializes in securing rebates for its clientele.