Eligibility Criteria For Applying For HST Rebate
If you are a proud owner of a newly built or bought house, you might claim the HST Rebate Ontario. HST rebate is a tax-free payment that low or modest income families can avail themselves of in Ontario administered by CRA (Canada Revenue Agency). If you are a new house owner, you can review all the HST requirements to claim a rebate here.
Here is the list of eligibility requirements.
- You must be a resident of Canada.
- You must be of a minimum of 19 years of age.
- You must have a common-law partner or a spouse.
- You must be a parent and live with your child.
Once the eligibility requirements are met, the rebate will be available to the house owners via CRA (Canada Revenue Agency). If you plan to avail of this rebate, you should prove that a new house was bought from a builder or built the new home. It must be proved that the new home is now occupied as the primary residence by the applicant.
How To Apply For Ontario HST Rebate?
When you plan to apply for the HST rebate in Ontario, you must submit a formal application and all the supporting documents mentioned by the Canada Revenue Agency. You can prepare the paper works yourself; however, many applicants find it easier to take the help of a tax rebate specialist. The supporting documents as required by the CRA must prove all the expenses relating to buying the house. The CRA will also require the occupancy proof that shows that the property/home is the applicant’s primary residence, and the applications should be submitted within two years of closing.
Calculation Of HST Rebate
For determining the HST rebate, the Canada Revenue Agency has set certain calculation requirements. For houses that fall between a certain price, the rebate could be much more. If you feel the rebate process is difficult, it is better to get the help of a rebate specialist. Many specialists can adopt a streamlined approach while submitting rebate applications.
Why Work With A Rebate Specialist?
When you plan to file for an HST rebate, you will have to submit numerous documents such as invoices, contracts, etc. In certain cases, the CRA asks for occupancy proof to check the primary residence. You must keep the supporting documents for six years. Things can get complicated while working with the Canada Revenue Agency, as they might ask for more documents. If you find the process frustrating, it will be good to work with the tax rebate specialists to ensure the completion and timely submission of all the documents.
For first-time house owners in Canada, it might be easy to understand the process of HST rebate claiming and the Canada Revenue Agency processes. With the help of a tax rebate specialist, you will collect the supporting documents, prepare the additional documents, and submit them on time.