The new Goods and Service Tax/Harmonized Sales Tax helps home buyers with low or average income request a tax refund paid on their homes. They receive this tax-free payment quarterly. It lowers the GST they pay on their homes. Our tax experts will help you know if you’re eligible for the tax credit and what you need to do to claim it. Normally, if you’re above 19 years old and have/had a spouse, you can apply for a GST rebate. Also, if you’re a parent and live/lived with your kid, you’re eligible. You’ll need to check with your personal tax accountant in Toronto to see if you’re qualified.
Other conditions set to qualify for the GST/HST new housing rebate include:
- You bout a new house less than $450 000 (You can claim a federal rebate)
- You just bought a new/renovated house in Ontario(You qualify for Ontario GST/HST) or Canada
- The house you bout is for family or residential use only
- You meet the income limits as dictated you the CRA at that time (Usually it depends on your family status but mostly, they qualify low and moderate-income families. Singles can get up to $450 while married couples can get up to $590)
- You must be a Canadian resident
- Ownership to the house was transferred to you after renovations or construction
- You were the first occupant after the house was newly constructed or renovated
If you’re a new homeowner and don’t know how to apply for the GST/HST rebate and claim the money, Contact us at (844) 982-4700, and we’ll assign you a personal tax accountant in Toronto to help you.