Cases when you can claim a tax refund
- Published on Saturday, 30 July 2016 11:25
- Eliot Chapman
Purchasing a new house or condo is a huge effort for you, because you have to save money for purchasing it, but also for furnishing it, and handle all the legal aspects implied by this type of action. When you finally finish with buying the house, and moving in, you realise that you still have so many things to do, and you do not have money anymore, because you have spent all your savings. Well, in this situation, it is useful to know that you can apply for a new housing rebate
, because you can get back a part of the money you have invested. The majority of people are not aware of the existence of this option, but you are qualified to ask for the rebate if you have purchased a property in the last two years. Also, there are cases when the builders are claiming this rebate, so you should ask the company you have purchased the house from, if they got the rebate for you.
You can get a refund if this is your main residence
You might not know but one of the main conditions of claiming a refund for a new house is to use it as your principal residence. The rebate if offered only in case you use it as your main residence, but if you decide to rent it, you have the possibility to claim the rental rebate. This one is offered to the persons who buy the house with the purpose to use it as an investment and they rent it to some other persons.
You can get a rental refund
As stated before, you have the possibility to get a rental rebate if you intend to use the house you have purchased as an income property. Depending on some particular criteria, you can get up to $30,000, which means that you would have a lot of money to invest in something else. But if you choose to apply for this type of refund, you have to have at least one year rent agreement.
Contact a professional company
You might have different questions when it comes to getting a refund, because if you are not working in this domain, you might not know exactly what you have to do, and what the conditions are for applying for it. In this situation it is advisable to contact a professional company which provides consultancy in the process, because they not only that would offer you all the details you need, but they also offer you the possibility to handle the process for you. By collaborating with them, you will find out that even if you apply for a new house refund, or for a rental refund, you will find that you have to have purchased the property in the last two years, or to have signed the renting contract during this period to be able to apply for a rebate. Also, you have to be sure that the builders have not asked the refund for you, because in this condition you cannot apply for it.