Buying or renovating – find the best support programs
Whether your family is increasing, or you simply feel like your house is not welcoming enough, buying a new property or renovating your current one may be exactly what you need to do. This may be a great investment, especially since you probably want everything to turn out perfect, but fortunately, if you live in Canada, the government can help you save part of the money needed. For this reason, as soon as you start considering the idea of purchasing or renovating, you should also focus on finding support programs. One of the most popular ones is the HST housing rebate, which is accessible to those who want to buy a new house, build one from scratch or substantially renovate the properties they own. The credit is available for many types of establishments (houses, flats, condos, modular or floating homes) and can help you recover a considerable amount of the money you would normally spend. Depending on your needs, you can also have access to a HST custom house rebate, so make sure you find out all your options.
How does the rebate work?
The HST rebate is a support offered by the Canadian government, through which you can get back a significant per cent of the amount you invest in renovations or in purchasing a house, directly from the builder. This is possible because the government makes some calculations and returns you part of the harmonized sales tax, hence the name: HST. Whether you hire a contractor to build your property, or you buy it directly from the builder, you can be eligible for this rebate, even if you will have to complete different forms. However, in case you meet all the necessary criteria, you will get part of the money back. According to your revenue and the total price of the house or renovation investment, the authorities will let you know which the sum you will receive is.
Is the property relevant in this situation?
The property plays an important role for those who are trying to get the HST rebate. Not all types of houses are eligible for the program, but there is nothing to worry about. Among the houses that can benefit from the rebate there are also the “bed and breakfast” establishments, where several small rooms are rented on a short term, as long as the building is used for residential purposes. Any house owner can also ask to be part of the program is they use the property as a real estate re-investment.
Is there a fixed amount of returned money?
The amount you will receive back from the government varies depending on your income, the value of the property and the region where you live. However, you should know that the maximum sum you can get is$6,300. The HST rebate is adjusted of the price of the house is over is over $350,000, but disappears completely if after building or renovating, the property’s value reaches $450,000.