We have special expertise in identifying and obtaining the maximum rebate of up to $30,000 related to the GST/HST New Housing Rebate and the GST/HST New Residential Rental Property Rebate.
The following are activities which may qualify for a rebate:
- Purchasing a new home or condo
- Purchasing a new rental property
- Substantial renovation of a home
- Building a major addition to a home
- Building a new home
Personal Residences: To qualify for the GST/HST rebate for a new home or condo purchase as a personal residence, the property must be the primary principal residence of the purchaser or their immediate family. This criteria applies to both the purchase of a new residence or the substantial renovation/major addition to an existing home. Another important criteria is that the property is not "flipped" after purchase or renovation. "Substantial renovation" is defined as changes to at least 90% of a home's interior (i.e. the home was gutted). A "major addition" typically requires floor space of a home to double.
Rental Properties: To qualify for the GST/HST rebate for a rental property, a tenant must be signed up on a rental agreement with a term of at least 1 year. The start date of the rental period can be prior to the closing date, if tenancy is ongoing at the closing date. Similar to a personal property purchase, the property should not "flipped" after acquisition if intending to qualify of the rebate.
How Much Rebate? 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/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 or higher. 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 Are Here To Help: Our consultation process first involves assessing your eligibility for the rebate, which can usually be requested up to two years following the closing date (for renovations the deadline is two years following the earlier of substantial completion or occupancy). We will ensure that all eligible HST expenses are included in your claim and that the required paperwork is submitted to CRA to maximize the rebate obtained.
Contact us today to discuss how we can start the process to obtain your HST rebate.
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"Daniel was able to quickly sort through the tangle of documents from various sources and pinpointed the source of the problem within minutes. With his keen eye for all of the fine details in this complicated scenario, he reached out to all of the parties involved, and settled the manner of our missing rebate, quickly and in an amicable fashion."
"Daniel helped me with both personal and small business tax returns for the last couple of years. He is professional and methodical in his communication to the client and his work. What I most liked about him, is that he is not only using the latest technologies for his work (email, online drives), but also understands the various income streams that one might have."
"Daniel has been extremely helpful for me in setting up my own business. His guidance has been exceptional and he is always very fast to get back to me. Daniel comes very prepared for meetings and calls and he makes a huge effort to understand my situation and he explains everything in a clear and understandable way."
"Daniel understood my concerns, gave me feedback, explained the steps I have to follow. Daniel is an excellent listener and very prompt with the email correspondence. Needless to say that my taxes were handled in the best possible manner and I couldn't have been happier with his work."
“Daniel has provided us with excellent advice from day one of launching our business. He takes the time to understand our objectives and provides constructive feedback for current and future consideration. I would highly recommend him to others requiring sound, professional advice.”
"Usually, when you search for accounting services you want someone who is technically very competent, up-to-date, fast, professional organized and responsive. My experience with Daniel has included all of the above and more. In addition to the above competencies, he displays strong interpersonal skills, including a listening to understand and empathy. "
“We switched to Daniel last year after a terrible experience with a different accountant. Daniel has been wonderful to work with - very responsive, answers our many questions with patience and expertise, and gets everything done on time. I would recommend Daniel, without hesitation, to anyone that is looking for a knowledgeable and dependable accountant.”
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“Daniel is absolutely willing to go above and beyond for you. He's detail oriented, thorough, compassionate and genuine with the services he offers. I literally could not imagine a more positive experience than I've had with Daniel as my accountant. I assure you, you won't be disappointed.”