Buying or renovating a home? Look for cash back from the taxman
If you are purchasing a new home, or planning substantial renovations, you might be eligible for a significant tax refund in the coming year.
While most Canadians have already filed their taxes, it is never too early to start planning for the year to come. If you are planning a home purchase or a large renovation this year, it may be beneficial to look into the GST and HST credits you could be eligible for.
As with any tax rebate, there are various nuances to be aware of. For example, different forms need to be filled out if you are purchasing a previously owned home versus a home purchased from a builder. Most types of homes from semi-detached, to single-unit, to condominiums. However, the home must be owned by an individual rather than a corporation.
Forms are available for review on cra.gc.ca. It is recommended to speak to a tax professional to see if you are eligible for these rebates.