Building a house or buying a new one can be an exciting moment for many persons, because it is the first step of becoming independent and responsible. But, even if it is one of the greatest things you can accomplish in life, it is also quite expensive, so you should not ignore that you have the possibility to apply for a tax rebate, if you are living in Canada. This rebate is very helpful for house owners, because it offers them the possibility to offset some of their expenses. But, because this is the first time you are buying or building a house, you might have no idea what this implies, and you should do a thorough research to be sure that you are eligible for a new housing rebate. Here are some questions the majority of owners ask themselves, and their answers, so take a look and you would definitely understand the process better.
Which constructions are eligible for a rebate?
There are different events that could trigger eligibility for a rebate, but the main one is when you are building a new house or you are hiring a company or contractor to build it for you. In addition, you would be eligible for a rebate in case you would buy a house newly constructed or renovated by a builder. In case you already have a house and you decide to build a major addition to it, or to substantially renovate it, you can apply for a tax refund. A special case is when you rebuild a house destroyed by fire, because the government includes it in the construction eligible for rebate.
How long should I live in the house to be eligible for a rebate?
The intention of the buyer is the one that depends when it comes to apply for a rebate. You have to buy the property with the intention to use it, or to transform it into your primary residence, or the home of one of your close relatives. The intention counts only at the moment of buying the house, and not after the purchase is done. The time you have to live in the house varies from case to case, so you have to talk with a specialist in rebates in this situation, and explain them your particular case.
Should I hire a specialist to apply for a rebate for me?
It is advisable to collaborate with an expert in this case, because if you have never applied for a rebate, you might have no idea what paperwork you need, and when the term limit for applying for it is. The specialists would assess your case, and tell you if you are eligible for one or not, and how much you might be able to get back. Also, they would make sure that the process is successful, because they have experience in the domain, and they know exactly what actions are required in this case. Hiring an expert is the best choice, because you would not have to be overwhelmed by the entire process, and you would be sure that you would receive the refund.