GST/HST New Housing Rebate
New Housing Rebate
Did you know that if you build a new home or make a substantial renovation to your home that you can apply for the GST/HST New Housing Rebate and receive up to $24,000.00? The GST/HST New Housing Rebate is a refund of the HST you paid on the purchases for your new home or your substantial renovation. If you paid HST on the purchase of the land you can receive up to $24,000.00 and if you did not pay HST on the purchase of the land you can receive up to a maximum of $16,080.00. All you have to do is save your receipts and meet all of the requirements!
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What are the requirements?
The requirements can be found on the Canada Revenue Website (link found below). However, here is one requirement that you may find tricky: You can apply for the GST/HST New Housing Rebate if the fair market value of your home, when it has been substantially completed, does not exceed a maximum of $450,000.00. This rule is for the Federal portion of the rebate. If your home’s FMV is more than $450,000.00 and you live in Ontario or British Columbia don’t worry, there is still hope! You can still apply for the Provincial GST/HST New Housing Rebate on a separate form. For more information regarding the rebate, visit http://www.cra-arc.gc.ca/E/pub/gp/rc4028/rc4028-e.html
The Canada Revenue Agency has a number of programs to help Canadians with their finances. If you do not take advantage of these programs and apply for them, you may not receive the help you need or the money you deserve. The forms may seem difficult to fill out but don’t let them stop you from applying for the GST/HST New Housing Rebate. It’s your money, and you deserve it. Need help with the forms? Contact us, we will be happy to help you.
Disclaimer:
THIS ARTICLE deals with a number of complex issues in a concise manner; it is recommended that accounting, legal or other
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