When purchasing a new home, the buyer has many concerns on HST & GST New Housing Rebate Ontario. From housing loans to mortgage and installment, the paperwork seems never-ending. But one thing everyone looks forward to when buying a new home, are rebates. In this article, we’ll give you an overview of what you need to claim HST/GST new housing rebate. In Canada, specifically in the province of Ontario, new housing rebate claim can be filed you meet the eligibility criteria. This article will go over everything you need to know about HST and GST rebate. We’ll give you an idea about the eligibility criteria, application period, the process and the documents you need.
First, we must understand how HST & GST new housing rebate Ontario works. When you purchase a new home or condo for yourself or your nearest related family members to live in, the Ontario HST/GST rebate is often assigned. The vendor then reduces the price of the new home by the rebate amount. Due to this, the buyer effectively pays less money for his new home. GST/HST rebate also enables the sellers to advertise the property at a lower sticker price. Though GST was already there, Ontario saw the introduction of Harmonizes Sales Tax in 2010.
GST & HST rebate allows a person to claim a part of the goods and service tax (GST) or the harmonized sales tax (HST). But to do so, you must meet these following criteria.
These the criteria that you must meet order to be eligible for the GST/HST rebate. But there is an additional condition that is important. The new home that you have bought, built, renovated or converted must be your primary place of residence. No one can file a claim for a rebate if the new house or apartment is not their primary residence.
However, you may be eligible if the new home is the primary residence for your nearest relations (persons with blood relations, spouse, or adopted children). A few factors are taken into consideration by the CRA (Canada Revenue Agency) in Ontario. For example how long the person has lived in their new home or if they have used their new address in public or personal records. These things also fall under HST & GST new housing rebate requirements.
HST rebate application, new housing can be acquired as soon as you close the deal. If you’re building your new home, then you can apply when construction is almost finished. But be careful as you cannot apply more than once, and if two years pass, then you may not be able to apply for a rebate.
You do not need to submit any supporting documents along with the application form for HST & GST New Housing Rebate, Ontario. But you have to submit invoices where no GST/HST was charged. The CRA may call you for additional information.
This is all you need to know about GST/HST rebate.
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