Property purchase - are you qualified for a rebate?
Posted: Ralph Stricker
If you have recently purchased a property, then you probably know about the tax advantages you can benefit from. The government offers a tax return to those who have bought a new residence, built a home addition or have completely renovated a property. However, there are some regulations you need to be aware of, before applying for a new house rebate. Nowadays, you have the possibility of hiring a specialist to help you with your rebate application, one example being http://www.rebate4u.ca/, but in order for your request to be taken into consideration, here is what you need to know:
Do not exceed the two-year deadline
The most important, yet the most neglected legal requirement is to not exceed the rebate deadline. Receiving a return is possible only during a two-year period after purchasing the house. If you have not filed your application on time, and you have exceeded the deadline, then unfortunately you will no longer qualify. This is a mistake that many people have made, due to lack of information or negligence, so the sooner you apply for the rebate the better.
The property needs to be your primary residence
One mistake people are constantly making is applying for a rebate although they are using the property for business purposes. The government offers a tax return only to house buyers that use the property as a primary place of residence. However, there are some loopholes you can opt for. One example is to use the property as a bed & breakfast inn and as your current residence. This way, you are able to qualify for a rebate, and still use the property to get a business started.
If you have not exceeded the deadline and you will be using the property as your primary residence, then you can move on to the next step, and that is gathering all important documentations. You need to have your paperwork in order, if you want your application to be considered eligible. The most important documents that should be found in your file are the purchase or lease agreement and the closing or adjusting statement. Research this aspect with care, and ask for the advice of a specialist, to be certain you are not missing any document that might affect your rebate application.
Applying for a rebate is certainly advantageous, giving you the opportunity to receive a tax return, which is certainly an amount of money that should not be neglected. However, in order to take advantage of this financial benefit, it is important to qualify for the rebate. This means you will need to meet all the requirements mentioned above. If you are not quite sure how the entire process goes, and what files you will need to fill in, it is best advised to opt for the assistance of a specialist in this department. Find a company that can help you with your rebate application, and take care of this task as quickly as possible.
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Categories: Home Improvements