All you should know about the new house tax rebate

All you should know about the new house tax rebate

The new house tax rebate allows new house owners to recover a part of the taxes they spend when they purchased the house and thus lower their overall costs. If you are not sure whether or not you qualify for a tax rebate Ontario, the best thing you can do is contact a dedicated broker who can help you apply for this rebate and assist you throughout the process.

What type of house qualifies?

To benefit from a rebate, you will have to have a house that you built or renovated substantially. In addition, houses on which you built a major addition when you renovated them can also qualify. In addition, new mobile homes can also qualify along with a home that is new or was substantially renovated by the builder before you purchased it. If you are not sure if you have any chances of receiving a rebate for your house, you can ask a team of dedicated brokers who can analyze the case and offer you all the details.

What type of house does not qualify?

To be able to claim a rebate, the house needs to be your primary place of residence. In other words, you cannot apply for a tax rebate for a property you have purchased or built for investment purposes.

How long will it take to receive my payment?

When applying for rebate, all acclaims are carefully audited by the authorities in order to verify that all requirements are met. For this reason it can take up to 6 months before you can expect to receive your payment. In addition, if the forms are not properly completed, this process can be delayed even more, which is why it is advisable to apply though a professional broker who has experience in this field and knows exactly what needs to be done in every situation.

What is the timeline to file my application?

The timeline to file the rebate application is of 2 years from the date of possession of a newly built house or in the case of a renovated house, the date when the project was completed.

Do I need the help of a specialist?

While anyone can apply from a tax rebate, there is a significant amount of paperwork involved in this process and any mistakes made can delay your payments even more. Even though some people think that by applying though a broker they will have larger expenses, the fact that they will receive their rebate sooner should certainly convince them that is a the better way of doing things. In addition, most people may not even know that they qualify for a rebate, which is why visiting a specialist may actually confirm if they can access these funds.

These are the most important aspects that every person should know about tax rebate. When you have all your information, you will be able to know for sure if your house qualifies for a rebate and successfully apply for it through an experienced consultation firm.