Buying a property is certainly a large investment to make, and you have probably spent all of your life savings for your new home. If you are in this situation, you should know that the government gives you the opportunity to receive a return on your taxes, and thus you can end up saving a fairly large amount of money. Applying for a new condo HST rebate is certainly a wise choice for all first time buyers. However, there are some important requirements you will need to meet to be considered eligible for an application. Here are the most important ones:
Don’t exceed the deadline
The first and most important rule of applying for a HST rebate is that you will need to file in your documents in a maximum of 2 years after buying the property. If you have exceeded the 2 year deadline, then you are no longer eligible for a return. Many home buyers are not aware of this aspect, and by neglecting it, they end up losing this opportunity. After purchasing a house or a condo, you should take care of this task as quickly as possible, to prevent any inconveniences.
The property should not be used for business purposes
Business owners are not entitled to a HST rebate, so if you have recently bought a property that you are planning to use for business purposes, then you should know that your application will not be considered. Property buyers can receive a rebate only if they use the house as their main residence. However, if you are thinking about starting a business as well as living in that building, such as a bed and breakfast inn, then you might manage to receive a tax return.
Purchase price and other details
The price you have paid for the new house also plays a role in this entire process. If the price has exceeded a certain amount established by the government, then you will no longer qualify. Moreover, the amount of rebate money you will end up receiving also depends on how much you have paid for the property. Also, when applying, make sure you have all paperwork in order, and you add all the necessary documents. Even one missing file can prevent you from getting a hold of your money, so pay attention.
Being able to receive from the Government even up to 30,000 dollars is certainly something that you should not neglect. However, not all property owners are eligible for obtaining a rebate, so read these few requirements and check if you meet them all. After making sure your application will be taken into consideration, the next thing to do is hire a rebate specialist. Because applying for a HST rebate can be a complicated process to handle yourself, it is best advised to leave this task in the hands of pro. You will be able to find a reputable company that handles these types of application just by searching online.