Purchasing a home is a big investment, which is why any money that home buyers can get back from government is very important as buyers will pay a large amount of tax when purchasing new property.
The government’s HST rebate allows buyers take a portion of HST back, which is a welcome relief to many customers.
Still, buyers may be eligible to claim a provincial new housing rebate to recover some of the provincial part of the HST that is paid to buy the home if it is located in Ontario, and the maximum Ontario new housing rebate amount available is $24,000. For more details on GST/HST New Housing Rebate please see: http://www.iaccountingservices.com/hst-housing-rebate.html
Canada Revenue Agency (CRA) prescribes very specific rules with respect to the use of new housing rebate, with respect to the sale of the property, and the timeline to file for the refund. Without proper guidance early in the process buyers may lose the right to this rebate.