Tax rebate program explained – what homebuyers need to know



In the past couple of years, the number of people who applied for the tax rebate program has significantly increased. However, there are still many homebuyers who see this concept quite foggy and unclear, so if you are one of those people and want to benefit from better understanding regarding this program, tax rebate specialists such as can be of some great help. Until then though, you can take a look at the article below and have some of the most important aspects cleared out.

Frequently asked questions

  • “What does the tax rebate program imply?” is probably the most popular question that pops up in people’s minds. To clear things out, this program, which is also known as the HST refund, has been launched by the government in numerous Canadian provinces with the intent of providing people the possibility to recover an amount of money they have spent on buying or renovating a house.
  • “Who is entitled to benefit from this rebate?” is definitely the second question people try to seek answer for. Truth is there are numerous kinds of properties eligible for this program and some examples are pre-construction condos or houses, investment properties, newly-built houses and so on. In order to make things even clearer, it is advisable to hire a specialist in tax rebate to help you throughout the entire process.
  • “What are the requirements for applying?” is another question that gives homeowners headaches. The idea that the government gives a certain sum of money back to you after you buy or renovate your house is definitely exciting, but things are not as simple as they seem. In order to be eligible to apply for this program, the house you bought or renovated must be the principal residence, which means that you live in it for at least half a year. Moreover, you have to prove the fact that you have brought significant changes to the house by bringing in the right documents.
  • “Do I really need to hire a specialist?”, many people ask themselves and the answer to this question is obviously no. No one forces you to hire a tax rebate specialist, but it is recommended to look for one in case you want to obtain the maximum amount of money you are entitled to. A specialist in this field knows exactly what the laws and requirements are and has more experience than you have in this domain, which means that they can guide you throughout the entire process.

Pay attention when completing your papers

Homeowners and homebuyers who consider applying for the tax rebate program should know that a crucial aspect in this process is related to papers. It is essential that you pay great attention when completing the files and to check them a few times before handing them in to those responsible for this program. This way you avoid handing in papers that have grammar mistakes, skipped details or math errors, which can actually delay your application or, worst case scenario, compromise it. Although this may sound like something you will obviously do, you should know that there are numerous people who have had their applications refused based on the fact that their papers had errors or missed information, so it is best if you check the papers thoroughly before actually applying for the program. What is more, you have to pay attention to deadlines too and to avoid waiting until the very last day, so that in case you need to make changes to those documents you have enough time left to apply.

How to select the right tax rebate specialist

As it was already mentioned above, it is not mandatory to resort to the services of a tax rebate specialist, but if you want to benefit from the desired results, you should definitely consider this aspect. Taking into account the fact that nowadays numerous people call themselves “specialists” in various fields, it may be quite difficult to find one that is actually a tax rebate professional. Nevertheless, if you know what to look for in such a specialist, the selection process will not seem a big challenge after all. First and foremost, it is mandatory to look for someone who has vast experience in this field, because they will offer you proper guidance throughout the process due to the fact that they have already dealt with numerous different situations and know exactly what to do to reach the best results. Second, the thing that goes hand in hand with experience is knowledge, so it is mandatory that the specialist you are going to hire has vast knowledge in the domain. Third, a great tax rebate specialist also has great communication skills. Although these may not seem important at first, they actually are, since you need someone who can explain to you the procedures you need to follow in a way that is easy to understand. Also, the specialist is supposed to keep you up to date with the latest changes during the entire process and this is another reason why you should ensure the one you hire is a great communicator.

As it can be seen, these are some of the most important aspects people need to know about the tax rebate program.