NEW HOUSING REBATES

The CRA provides rebates to taxpayers who build, purchase a new home, do substantial renovations, or have made a major addition. This can be for themselves or letting a relative live there. The stipulation is that the house must have a fair market value of $450,000 or less for this rebate to be available to them. The exact amount is different for every scenario, and it depends on the market value as well as GST/HST paid.

Here is a consensus and example:

  1. Fair market value of $350,000 or less: Federal rebate of the lesser of $6,300 or 36% of the GST/HST paid

As the market value increases the amount of the rebate decreases. Keeping in mind that anything valued over $450,000 is not eligible for the rebate.

To be eligible for the rebate, aside from the fair market value, an individual is defined as a human being. The relationship between the individuals must be by blood, marriage or common law partnership, or adoption. This means that this rebate is only available to individuals and not corporations or trusts. In addition to these stipulations, the new house or renovation MUST be the individual’s primary residence.

The deadline for the rebate is two (2) years after you’ve purchased or renovated.

This is general comment, and you should contact Tax Partners for any questions by sending an email to info@taxpartners.ca or (905) 836-8755.

 

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