Building a new home is certainly exciting. However, dealing with banks and loans will leave you with a bad taste in your mouth and a lot of anxiety. Expenses involved by a new home are always high. However, the Canadian Government has created some facilities for its citizens, especially for those buying a new house or renovating their current one. These facilities consist in an amount of money buyers can recover, and it can reach $ 16,080. In response to this action, many companies have specialized in new home buyer tax rebate in order to help potential eligible individuals to profit from this chance. However, before applying for a tax rebate, you must know some aspects about the process and this program’s conditions, as detailed below.
You must have the property registered as your main residence
If you are the owner of multiple properties, you can only recover the amount of money for the one you have registered as your main and official residence. Therefore, if you build a house in Canada, but your main residence house is outside of it, you do not qualify for a HST tax rebate. This is an example to make the situation a lot clearer. Additionally, your house must have been purchased within the last 2 years to qualify for this type of rebate. Older acquisitions are not eligible.
Some documents will be required
Although it is not necessary to submit complicated documentation, you must send your application, and in many cases, some documents that are proving your occupancy of the property. You must copy all these documents and keep a set of those for yourself, in case they will have to be sent again.
A reliable agency will make the process easier
It is always simple to engage some professionals to work for you in matters that are more complicated. This is the case of tax rebates as well. Try to find an agency that is worth your time and money and discuss with them all the aspects of this process. All you have to do is book a meeting with a specialist, provide them with all the data and documents they are going to need (floor plans, all your construction invoices and a copy of your home insurance policy). All you have to do next is trust them to get the maximum rebate for you. A good thing to know is that the maximum amount you can receive is $ 16,080. The good part about this type of services is the fact that they do not charge until you are sure you’ll get your tax back. Therefore, if the action does not succeed, you don’t have to worry about additional fees.
To succeed in such a well-developed action you should consider hiring a professional company to deal with your process. You might lack the time or energy after building a house to manage this additional step, and you might lose sight of essential aspects. Professionals are constantly doing this and they surely succeed to get your tax back.