What You Should Know About HST and GST Housing Rebate Ontario
Every year, thousands of applications for HST and GST housing rebates are filed. For this reason, the HST and GST housing rebate has become one of the most popular tax credits in Ontario and Canada. If you want to claim an HST and GST housing rebate, you should be aware of the requirements and be familiar with some tips to make your claim more successful. At JTT Accounting, we recommend you hire a professional to process your application if it’s difficult or time-consuming for you. On this page, we’ve covered engaging content about the requirements to qualify for HST and GST, why you should hire an accountant and why JTT Accounting should be the firm to serve you.
What Is HST and GST Housing Rebate?
HST stands for Harmonized Sales Tax; a tax levied on goods and services sold in Canada. It’s similar to GST (Goods and Services Tax), but it applies only to goods purchased in Canada. GST is a federal tax that applies to all goods and services sold in Canada, except unprocessed food.
The HST and GST housing rebate is a refundable tax credit that helps offset the cost of buying or building a new home.
You can claim it depends on how much you paid for your new home and whether you bought it individually or as a builder. You may also qualify for an additional benefit if you use the home as a qualifying long-term rental property after construction is complete.
The HST combines GST plus provincial sales taxes (PST), so it varies from province to province. For example, the HST rebate rate in Ontario is 13%, while it’s 5% in British Columbia. If you buy an item worth $100, you will have to pay $13 in HST on top of $100.
You can claim the rebate if you’ve paid PST, HST, or both on your home purchase. The rebate will be calculated based on the tax paid and will vary between provinces.
Requirements to Qualify for Is HST and GST Housing Rebate
The new HST and GST Housing Rebate is a provincial initiative that will help make buying a home more affordable. The HST rebate in Ontario is available to first-time home buyers who. To qualify for this rebate, you must purchase or build your new home in Ontario between April 1, 2016, and March 31, 2020.
To qualify for this rebate, you must:
- Are Canadian citizens or permanent residents of Canada
- Buy or build a newly constructed or substantially renovated home that will be used as your principal residence
- Have not owned a principal residence anywhere in the world at any time during the past four years
- Not rent out part or all of your principal residence for more than six months within a calendar year
- Use the property as your principal residence within one year after closing on the purchase agreement unless it’s not possible due to circumstances beyond your control (such as relocation)
- Not have previously claimed this rebate for any other home purchase in any province or territory in Canada
Reasons to Hire an Accountant for HST and GST Housing Rebate Services
The HST and GST housing rebate is a highly sought-after benefit that can save you thousands of dollars on the purchase or renovation of your home. Unfortunately, there’s a lot of paperwork involved in filing for the rebate, and many people find themselves overwhelmed by the process.
If you’re planning to apply for this benefit and are not sure where to start, here are reasons why you should hire a professional to help you with your application.
Hiring an expert will give you peace of mind knowing everything is being handled properly. They will have the years of experience needed to file your application correctly and ensure that everything goes smoothly when it comes time for your payments to be processed. They will also be able to answer any questions throughout the process so that you don’t have to worry about anything.
The amount of time it takes to fill out all of the paperwork involved in making an HST/GST rebate claim can vary depending on how much assistance you receive from a professional. Still, it can range anywhere from one day to two weeks or more if done without help. Hiring a professional means not having to spend time calculating how much money you qualify for, gathering all of the necessary documents, and submitting them correctly. This can save hours of valuable time from focusing on other things such as your job or family life.
You Can Focus on Other Important Things in Life
When you hire a professional for HST and GST rebate services, they will take care of everything that needs to be done. Instead of worrying about tax filing or preparing yourself, you can focus on other important things in life, like running your business or spending time with your family. No one wants their life to revolve around taxes, so let someone else worry about them while you focus on other things that matter more to you.
Peace of Mind
Knowing that everything has been handled correctly will give you peace of mind and allow you to get back on track with your life more quickly than if something went wrong with your application due to improper preparation or handling by yourself or someone else who does not have experience with this type of process which could cause delays in receiving your rebate check.
You Can Avoid Penalties and Interest Charges
If you’re claiming the HST and GST housing rebates through your income tax return, it’s important not to miss any deadlines or deadlines. If you do, you could face penalties or interest charges on top of the amount of money that was withheld from your cheque by mistake. It’s much better if someone else takes care of this process for you so that they can avoid these issues altogether.
Reasons to Hire JTT Accounting for HST and GST Housing Rebate in Toronto and Ontario
When it comes to your business, you want to work with a team that has your back. You want someone to help you maximize your profits and minimize your losses. You want an accounting firm that knows how to navigate the complex tax laws of Canada, so you can focus on running your business instead of worrying about how much money you owe or don’t owe.
At JTT Accounting Services, we offer professional tax preparation services for businesses across Toronto and Ontario. Our team has accountants that have over 30 years of experience in accounting, taxation, and finance. We know what it takes to keep your business running smoothly and profitably year after year.
Here are three reasons you should hire JTT Accounting for HST and GST Housing Rebate in Toronto and Ontario.
We have a team of highly trained accountants who can help you with your tax preparation needs, including preparing your income tax return and HST rebate application, filing your corporation’s GST/HST returns, preparing payroll and T4s etc. We also have the expertise to help you manage your finances better by providing financial statements and advice on how to reduce your tax liability or maximize your refunds.
Our Fees Are Competitive and Transparent
We charge a flat fee per client regardless of how complicated the matter is or how many hours our accountant spends working on it. This means there are no hidden costs involved in our services. We also offer free initial consultations so you can find out if our services are right for you before committing to anything.
We Offer Affordable Services
We know that many people are looking for affordable accounting services that they can afford without breaking their budgets or putting themselves at risk of overspending on their taxes. That’s why we offer affordable rates that won’t cause financial strain on our clients’ finances or lifestyles.
We Offer Personalized Service
At JTT Accounting Services, we understand that every client has their own unique needs for filing their taxes. For this reason, we offer personalized service so that we can tailor our services around what works best for each client. This ensures that clients receive high-quality service without any issues whatsoever.
We Are Experts in Our Field
If you want to get your hands on these rebates, you must hire someone who knows what they are doing. Our team at JTT Accounting has years of experience in dealing with these rebates, so we know exactly what works and what doesn’t work when it comes to claiming them. For example, did you know that there can be significant differences between claiming your rebate through the Canada Revenue Agency (CRA) or your mortgage broker? We do! And we will make sure that we claim them correctly on your behalf so that they go directly into your pocket instead of into government coffers!
We’ll Keep You Informed
At JTT Accounting Services, we understand that it’s hard enough to keep track of your finances without worrying about whether or not you’re claiming all of the deductions available to you. That’s why we provide regular updates on changes in tax law so that our clients are always aware of what’s going on with their finances. This way, if there are any new deductions available or policy changes, we can let them know immediately to take advantage of them right away!
Exceptional Customer Support
Our customers love our service because we’re always available when they need us. You can call us during business hours or even after hours if required. Still, most people prefer to talk with us in person to ask questions face-to-face instead of over the phone or emailing them back and forth all day long (which gets pretty annoying!). We want everything done right the first time around so that our clients leave happy with their experience with us. Thus, we try our best to accommodate everyone’s needs whenever possible.
We Are Accounting Professionals
The first reason is that our team of accounting professionals has the knowledge and experience needed to take care of your HST / GST housing rebate application quickly and efficiently. Our team is well versed in all aspects of this program, including eligibility requirements and how much money you may be eligible for back from the government. We also know how long it takes for this application process to go through so that we can give you an estimate based on our experience with previous clients.
It can be quite a task to navigate all rules, regulations, criteria, and conditions to know if you are doing it right. This is where the JTT Accounting team can help, especially if you are in Toronto or the GTA. If you need some assistance with your HST / GST refund claim, then our experienced accountants can help. Browse this website for more information.