We have expertise and experience in identifying and obtaining the maximum HST rebate of up to $30,000 related to the GST/HST New Housing Rebate and the New Residential Rental Property Rebate.
The following may qualify for a rebate:
- Purchasing/building a new home or condominium
- Purchasing/building a new investment property
- Substantial renovation of a home
- Building a major addition to a home
In order to qualify for the rebate for a new home or condominium, the property must be the primary principal residence of the purchaser or their immediate family. Another important consideration is that the property is not “flipped” after purchase. This also applies to investment properties. For HST rebates, “substantial renovation” is defined as changes to at least 90% of a home’s interior. A “major addition” typically require floor space of a home to double, however a combination of renovation and an addition may require less than this threshold (for instance changes to 80% of a home’s interior combined with a 30% addition).
The rebate consists of a provincial and federal portion which is subject to several criteria. The provincial HST portion in Ontario (8%) is eligible for a 75% rebate up to a maximum of $24,000 for purchases of new homes or condominiums or a maximum of $16,080 in the case of most qualifying renovations. The federal HST portion (5%) is eligible for a 36% rebate up to a maximum of $6,300. However, the federal rebate is incrementally phased out for purchases above $350,000 and is entirely phased out at a purchase price of $450,000. The federal rebate for renovations is phased out based on the fair market value of the home at the time of substantial completion of the renovation.
We will ensure that all eligible HST expenses are included in your claim and that the required documents are submitted to CRA to maximize the rebate. These rebates are typically received within 3-4 months of filing.
Please contact our office in Toronto to discuss your needs.