As a family, the most important investment you will have to make is purchasing a house. At the moment, the real estate market seems to be blooming and finding something affordable can be quite difficult. There are so many things to do and prepared, not to mention the high price you will have to pay. Of course, you can also use an advantageous financing solution, because banks and mortgage brokers provide plenty of options that you can choose from. However, you will have to deal with upcoming rates, which is not something pleasant for anyone. Fortunately, if you are a Canadian resident you can benefit from some social programs offered by the government. These have been created with the purpose of supporting those who are trying to buy their first home or want to collaborate with a contractor to have it built, in order to reduce costs. One of the most popular such programs is the HST new house rebate, very popular nowadays.
What is the HST rebate?
HST, the abbreviation from “harmonized sales tax”, is a tax requested by the authorities from anyone who purchases any type of good or service, including real estate. Those who want to buy a new property, have it built by a professional company or are substantially renovating their existent house can benefit from a special rebate, to spare them additional expenses. Besides this, the program can also be accessible by those who want to build a major addition to their properties or transform an establishment into a family residence.
Who is eligible for this program?
In order to benefit from the HST rebate in the real estate sector, you do need to fulfil certain criteria. The application may be difficult to create for someone who has never had to do anything with banks, real estate market and finance. The good news is there are many professional companies, such as Rebate 4 u, which can help you prepare your application and obtain the best offer. However, there are certain situations when you can claim for a rebate of the HST you are paying on the buying price of the purchase. To begin with, the house has to be new or recently renovated (more than 90%) – this applies for any type of residential establishment: house, apartment, condo, modular home, floating home etc. You can also ask for a rebate in case you buy shares of a capital stock of a housing company or if you decide to construct or renovate your own home, addition or property. As far as renovation is concerned, you become eligible if your existing residence has been completely destroyed by a fire and has to be substantially rebuilt.
As you can see, purchasing a new home for your family can be easier that it seems at first glance, as long as you are aware of all the possibilities and benefits the Canadian government provides you. Wait no more and start looking for your dream house, apply for the HST rebate and enjoy your new crib.