Filing for an HST Rebate
Are you an investor who has recently
purchased a new build investment property? If this is the case, chances are,
you are more than familiar with the HST that had to be paid in full by the time
of the final closing. You may also be aware of your possible eligibility to
file a claim for the HST New Housing Rebate to recover most, if not all, of the
HST you paid for your investment property.
Any investor who has purchased a
condominium or a residential home as an investment property from a builder
within the previous two years may be eligible to file a claim for an
HST New Housing Rebate from the
Canadian Revenue Agency. The typical amount of HST that an investor will have
to pay on a new build investment property is $19,000 - $31,000. The HST New
Housing Rebate has been put in place to help investors recover up to $27,000 of
that HST back into their own pockets.
The HST rebate is still
relatively new and the rules surrounding the rebate are often a source of
confusion. Rules such as when the HST rebate can be applied for, and what
specific eligibility requirements have to be met in order to qualify, are often
not generally well understood. This is
due to the fact that the forms are notoriously complex with a series of
weighted calculations.
Eligibility Requirements for the HST New Housing Rebate
When it comes to putting a
significant amount of money back into your pocket, as an investor, it pays to
know all of the facts about the HST rebate. In order to qualify for an HST New
Housing Rebate, all of the following qualifications must be met:
- Only investment properties that are purchased
directly from a builder in Ontario are eligible.
- Only properties that are non-owner occupied are
eligible. Properties that are owner-occupied typically have the HST rebate go
directly to the builder and, in return, the builder will cover the cost of the HST
on the sale of the property.
- A one year lease must be in place with a renter.
A physical copy of a signed lease proves that the property is an investment
property.
- HST rebate claims can only be submitted within
two years of the date of final closing for the investment property.
It is important to understand
the timeframe for the rebate to be received. Rebates are typically issued
within eight weeks of filing for the HST rebate. In some cases, it can take up
to a year for the refund to be issued.
Getting Help Filing for
an HST Rebate
A professional HST relief company
can help you with the process of filing for an HST rebate. They provide a
number of important services related to the HST Rebate. This includes issuing
HST Rebate Loans for qualified investors.
HST Rebate Loans are short term loans;
they can be issued in the form of unsecured loans or as a second mortgage on
the investment property. These loans are available for qualified investors who require
money to pay the HST on final closing. Other services include coordinating
paperwork and filing
HST Rebate
applications for clients.
HST Relief: Rebates & Loans
is available to answer any questions or concerns you may have concerning the
HST and the HST rebate. Discover the convenience that an HST relief company
provides in filing for an HST rebate on your behalf as well as professional
investment consulting services today.