Rebate Programs run by Government on Home Renovation and Rental property
by Access Rebates HST rebate on new home OntarioAccess Rebates is a one-stop solution for all those looking forward to building their custom homes or who need assistance on home renovation rebate program. Taking assistance from them allows you to claim HST rebate when your house is complete and you also get information on New Residential Rental Property Rebate. Other than this, people also get assistance on what other types of house funding they can receive. If you are planning to renovate your home or have already renovated it by 90% or more in the last 2 years, you can avail a tax rebate on the renovation. One biggest misconception for home renovation rebate program is that you need to possess a building permit for construction work. The renovated homes do not require any building permit because structural work is not carried out in a home. If you are not making any structural changes and only going ahead with the renovation work, no building permit is required.
Harmonized Sales tax came into effect in the year 2010 and it replaced the Goods and Service Tax which was implemented before that. Due to the imposition of this tax, there was an increase of between 5% to 13% taxes in the newly built condominiums and homes. It increased a financial burden on new homebuyers, so the government introduced a rebate program that gives people a rebate of up to $16,080 on HST paid on the houses that are newly built. This home renovation rebate program is also valid on homes that are substantially renovated by 90% or more. As per the Government law, the homes that are renovated by 90% or more are entitled to get the tax rebate on home renovation. There are also some exceptionally good new residential rental property rebate programs run by the government, whose information you can get from Access Rebate.
Substantial renovation of a house is paid on:
- Demolition of old materials
- Pool, deck, sheds or anything else attached to the property
- Fencing
- Waste Bins
- Flooring, cabinetry, doors, paint, door knobs and other materials attached to the property
- Things attached to the house exterior
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Created on Oct 23rd 2018 07:36. Viewed 336 times.