FAQs about tax return – what is to know?
It is true that buying a new house is an exciting moment in one’s life, but it can also be quite challenging and frustrating, since there are numerous things you need to pay attention to. Things can become even more stressful when you see the list of all your expenses during this process. However, there is no need to worry if you live in Canada, since the government can reimburse you a specific sum of money if you apply for house rebate, so if you need a professional advice you should definitely start your online research with websites such as http://www.rebate4u.ca/. Here are the most frequently asked questions related to this tax return program.Filling income tax form with pen and calculator
What is this rebate program more exactly?
For those who are not familiar with the term, the rebate program is available in some of the provinces of Canada and is a program initiated by the government that allows people to recover some of the expenses they have had after buying a new house or even after renovation. This tax rebate program is also known as HST refund and it may come like a godsend to most people.
What are the terms and conditions to get tax return?
Even though it might sound great in the beginning – the government returns you a specific amount of money you have spent on buying a new house – you should know that there are some strict rules and conditions you need to oblige to in order to benefit from this tax return. First of all, the house must be your principal residence and not a holiday residence, which means that you have to live in that house for more than six months a year. Second of all, you need to bring in papers that prove the fact that the renovations or the purchase were performed somewhere in the past two years only. Any modification you made to your house should be visible, such as building an adjacent room to the house or additional space that doubles its size.
What should I do before applying for a rebate?
Now that you know the terms and conditions for applying for a housing rebate, you also have to pay attention to the things you need to do and not do before applying for it. It is highly recommended to make sure you have all necessary papers in order and that there are no grammar or math errors in them, since this will only delay or, worst case scenario, compromise your application. Check the deadline and ensure you are not late with the application. Check the documents several times before taking them to the one responsible for tax rebate applications.
Do I really have to look for professional help?
The answer to this question is definitely no, you are not obliged to hire a specialist to help you with your rebate application. However, if you really want to benefit from the best results and the maximum amount of money you can out of this rebate program, it is recommended to hire a specialist in the domain and to let him or her do the work for you.