Yes, HST on a New Construction May Be Eligible for Rebate!
Monday Mar 20th, 2017Share
Have you just moved into your new (brand new) house for yourself? Or you just bought an assignment for in a pre-construction project and are about to finalize the deal with the builder for yourself and your family?
Do you know that you might be entitled to an HST rebate on a new construction condo, town home, duplex or detached home of up to $30,000.
Have you just buy a brand new property as an investment (to rent it out)?
Do you know that most investors that have closed on a property may be entitled to a rebate of up to $30,000.
The CRA has two programs with the same benefits.
1. New Home Rebate (NHR): primary place of residence.
2. New Residential Rental Property (NRRP-Investor Rebate).
The CRA prescribes very specific rules with respect to the use of the investment property, with respect to the sale of the property, and the timeline to file for the refund. Without proper guidance early in the process investors lose the right to this rebate.
You can file your rebates yourself by filling out the forms or you can hire a firm specializing on preparing the documents for you. Either way, don’t assume that you are not eligible and do nothing. The fact that your Purchase Agreement says that the HST is included and refundable is an overstretch and is not accurate. Remember: You must apply for your HST rebate within two years of a purchase.
Olesa Islamova, Real Estate Sales Representative | Realtor®
Royal LePage Your Community Realty, Brokerage
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