Buying a fixer upper? Homes that need renovation

By HST Relief
Buying a fixer upper? Homes that need renovation
Are you shopping for a new home?  Are you finding Toronto homes dilapidated yet expensive?  Talk to us about some new mortgage products that lend additional funds for your new home's renovations, often termed purchase plus improvements. In addition, the Ontario government acknowledges the need for old homes to stay in use by renovation and has a program designed to help those who substantially renovate their primary residence.  The best part - this particular tax credit does not hinge on family income.  We file these HST rebates for our clients.   
The HST Substantial Renovation Rebate requires that your primary residence undergoes a 90% renovation.  ​This definition is somewhat flexible and can be determined by your specific case - either by adding a second floor to double the square footage or by renovating your home down to the studs. 
The rebate calculation depends on the price you bought your home for, the current market value of your home and land, and the amount you spent on the renovation.  To give you an idea, homes in Toronto that have used more than $250,000 in renovation material and labour and are worth more than 1M usually qualify for a rebate of about $12,000.  The maximum HST Substantial Renovation Rebate is $16,300.
You only have 2 years from the time your home is deemed liveable to claim the rebate.  Call us to put together your filing today!  1.866.832.1990.

First Canadian Place • 100 King Street West • Suite 5700 • Toronto, ON • M5X 1C7

jack-wong Tridel-logo SR_Logo-BlackRed-stacked-short Team-Lemos-image Del-condo-rentals-LOGO
Powered by RWARDZ