How to apply for a tax rebate in Canada?
If you are the happy new owner of a house you built for you and your family, most certainly you are familiar with all the stress involved by the process, both financially and mental. Although the amount of money invested was surely a consistent one, you must know there are ways to recover part of it. The Canadian Government implemented a new house tax rebate, which can go up to $16,080. As you can see, the amount is quite generous and given the fact that the initial investment probably drained your resources, they are more than welcomed for the final touch ups of your house. However, below are a few aspects regarding the new housing rebate in Canada, for all interested in the matter.
1. First, determine your eligibility
The first step of the process is to determine if you are an eligible candidate or not. You must consider three initial aspects. First, if the house is declared as your main residency. Second, if it has been built in the past two years. And third, if there are any consistent investments in an already existing property. If the answers to all of these are positive, the answer is clear. You can proceed to apply for a rebate.
2. Second, you must get in touch with a specialist
If you have the initial details letting you know you are eligible for a tax rebate, you must contact a professional agency and set for a meeting with one member of their team. They can advise you in terms of procedures, papers needed and steps to follow. Moreover, their efforts to get you the maximum rebate amount they can will surely be valued.
3. Provide them with all the necessary papers
After your first meeting, go home and try to find all the construction invoices, your new house floor plans as well as the insurance policy. Provide the specialist who is handling your process those and arm yourself with some patience. The process might last two years. However, with their work you can be sure you’ll get that consistent amount back into your account.
4. There are particular aspects you should be aware about
Naturally, you have some questions regarding the process and its details. First, you should know you could get up to $16,080. If you are wondering what types of properties are eligible for a tax rebate, you should know the Canadian legislation is quite permissive when it defines the term. House can be any type of property, from a duplex, to a floating home, to a mobile one, to a condo unit. Therefore, regardless of your preferences, you can always be sure you’ll be an eligible candidate. However, as we previously mentioned, you should know the process could last quite a lot.
Before applying for a rebate, do some research work and see what its details are. If you are not convinced you fully understand the process or the terms, get in touch with a professional team and have them explain it to you.