{"id":10559,"date":"2017-03-15T01:00:06","date_gmt":"2017-03-15T05:00:06","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=10559"},"modified":"2017-03-14T11:55:45","modified_gmt":"2017-03-14T15:55:45","slug":"what-you-should-know-about-home-renovation-rebates","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/what-you-should-know-about-home-renovation-rebates\/","title":{"rendered":"What You Should Know About Home Renovation Rebates"},"content":{"rendered":"<p>It\u2019s tax season in Canada &#8211; one of the most stressful times of the year, to be sure. There\u2019s a mountain of paperwork to be filed, and if you have just purchased a home, that pile may look decidedly Himalayan.<\/p>\n<p>While not a task many relish, tackling those taxes \u2013and filing for various buyer and homeowner rebates &#8211; can bring significant rewards. One such example is the<a href=\"http:\/\/www.cra-arc.gc.ca\/E\/pub\/gp\/rc4028\/README.html\" target=\"_blank\"> Ontario HST rebate<\/a> for new homes. Brought in by the provincial government shortly after it harmonized its sales tax in 2010, the measure seeks to ease the considerable financial strain of home ownership. It means new homeowners can receive up to $30,000 back from the federal and provincial governments \u2013 a sum that is certainly worth the hassle of gathering those extra receipts.<\/p>\n<h2>Who Else Qualifies for a Renovation Rebate?<\/h2>\n<p>The reimbursement also applies to those who have made a substantial renovation, major addition or conversion to their home, a proviso that many homeowners are unaware of according to tax expert Mark Purdy.<\/p>\n<p>As the proprietor of HST Rebate New Homes, it is Purdy\u2019s job to explain this refund to his clients. There are a number of factors that determine your eventual home renovation rebate, as he explains.<\/p>\n<p>\u201cThere are two levels \u00ad\u2013 the federal and the provincial program,\u201d he says. \u201cUnder the federal program, the maximum you can get back is $6,300. That\u2019s for homes below a fair market value of $450,000, so in the GTA almost nobody is doing a renovation and getting federal money back.\u201d<\/p>\n<h2>Provincial Renovation Rebate Requirements<\/h2>\n<p>With the average <a href=\"http:\/\/www.zoocasa.com\/toronto-on-real-estate\">price of a Toronto home<\/a> now $859,186, the majority of people carrying out substantial renovation work will therefore be seeking the provincial rebate, which can vary.<\/p>\n<p>\u201cOn the provincial program, the first question is: did you buy vacant land?\u201d Purdy says. \u00a0\u201cIf you did, you can get as much as $24,000 back from the provincial government. The second side is for people that just renovated their existing house, or if you ripped down a house and built a new one, then you can get a maximum of $16,080.\u201d<\/p>\n<p>Vacant land in Toronto is somewhat akin to hen\u2019s teeth, so doing work on an existing structure is much more common when it comes to this rebate. Also to consider is the fact that when the government mean substantial, they really mean substantial, as Purdy outlines.<\/p>\n<p>\u201cIt means 90% of the inside of the house needs to be renovated. When you make the application, you describe the size of the land, how many rooms, what you did \u2013 new ceilings, floors, appliances. They will look at that and decide if it sounds like 90%.\u201d<\/p>\n<h2>Different Markets Mean Different Home Renovation Rebates<\/h2>\n<p>Currently, <a href=\"http:\/\/www.zoocasa.com\/toronto-on-real-estate\">Toronto\u2019s housing market<\/a> is an anomaly compared to the rest of Canada, and each province has its own sales tax and rebate rules. In Ontario, the 13% HST is 5% federal and 8% provincial. While the price of homes pretty much rules out homeowners in the GTA for a federal rebate, that isn\u2019t the case in the rest of the province.<\/p>\n<p>\u201cIf you buy a piece of vacant land in Kingston for example, then spend $400,000 to build a home,\u201d says Purdy. \u201cThat\u2019s under the $450,000 cut-off so you will be eligible for $6,400 federal rebate and $24,000 provincial.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s tax season in Canada &#8211; one of the most stressful times of the year, to be sure. There\u2019s a mountain of paperwork to be filed, and if you have just purchased a home, that pile may look decidedly Himalayan. While not a task many relish, tackling those taxes \u2013and filing for various buyer and [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":10561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[166,181],"tags":[],"class_list":["post-10559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-improvement","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What You Should Know About Home Renovation Rebates | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Did you know: You may be able to claim a number of home renovation rebates this tax season? Here&#039;s what to consider when filing your taxes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/what-you-should-know-about-home-renovation-rebates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What You Should Know About Home Renovation Rebates | Zoocasa Life\" \/>\n<meta property=\"og:description\" content=\"Did you know: You may be able to claim a number of home renovation rebates this tax season? Here&#039;s what to consider when filing your taxes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/what-you-should-know-about-home-renovation-rebates\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-15T05:00:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-03-14T15:55:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/03\/Home-Renovation-Rebates.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Daibhead O\u2019Ceallach\u00e1in\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daibhead O\u2019Ceallach\u00e1in\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/what-you-should-know-about-home-renovation-rebates\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/what-you-should-know-about-home-renovation-rebates\/\"},\"author\":{\"name\":\"Daibhead O\u2019Ceallach\u00e1in\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/d5be543070d8e1ff5036d43b8472c584\"},\"headline\":\"What You Should Know About Home Renovation Rebates\",\"datePublished\":\"2017-03-15T05:00:06+00:00\",\"dateModified\":\"2017-03-14T15:55:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/what-you-should-know-about-home-renovation-rebates\/\"},\"wordCount\":548,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Home Improvement\",\"Toronto Real Estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/what-you-should-know-about-home-renovation-rebates\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/what-you-should-know-about-home-renovation-rebates\/\",\"name\":\"What You Should Know About Home Renovation Rebates | Zoocasa Life\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2017-03-15T05:00:06+00:00\",\"dateModified\":\"2017-03-14T15:55:45+00:00\",\"description\":\"Did you know: You may be able to claim a number of home renovation rebates this tax season? 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