You are the happy owner of a new home. However, a big part of the money you spent while building or renovating your home is tax money. Good news is, if you have the house as your main location, you can claim a rebate of the tax money. There are several companies on the market specialized in new condo tax rebate or new housing tax rebate, and their help is more than needed. The process can be tricky and the amount of paperwork is big enough to make an amateur give up. However, if you consider applying for a tax rebate, we made a list of three easy-to-follow steps in order to get you prepared for the whole process.
1. Find a specialized company
It might be tempting for you to take responsibility of the entire process, but without expertise, our advice is to find some professionals to cover the paperwork for you. Find an enterprise that can offer assistance and full-service consultation. Choose a company who is dealing with big amount of money and has experience interacting with Government entities such as Canada Revenue Agency (CRA). In addition, it helps a lot to work with a company with a good reputation on the market. Given the fact that they have to maintain that reputation, you will make sure their services are going to be impeccable and you are going to receive your rebate faster.
2. Find out if you are eligible for a tax rebate
Discuss with your consultant and provide them with all the information they need in order to help you. This way you will make sure you are truly eligible for a refund. The eligibility conditions consist of having the building as a principal residence, the location is built or renovated for no more than two years. For more important information our advice is to discuss with a professional, because the process is complex.
3. Provide them all the needed paperwork
In order for your consultant to do the best that he can for you to get a tax rebate, you should provide them some important paperwork. Documents like a copy of the purchase and sale agreement, a copy of the closing state of adjustments and a copy of one-year agreement of lease are a good start. After discussing with them all the process, you will have a clear idea if you are eligible or not.
These are some important aspects if you consider applying to a tax rebate for your newly renovated or built home. The most important aspect is to hire a professional company in order to make sure you will receive your tax back and it will happen in a short period. This whole process can take from 4 to 16 weeks for professionals. Considering the amount of paperwork, this is a short interval. Therefore, instead of working with amateurs, we strongly recommend you to go for a pro. Good luck!