If you have hired a Builder or a General Contractor to Substantially Renovate your Principal Residence within the last 2 years and your Principal Residence has a fair market value of $450,000 or less, then you may be entitled to a tax-free Housing Rebate of up to $6,300 from the Government.
The Housing Rebate applies to:
Who can apply for the Substantial Renovation Rebate in British Columbia, Canada?
In order to qualify for the Rebate, the Substantial Renovation must be owned by a person or group of people.
If the Substantial Renovation is owned by a company it will not qualify for the Substantial Renovation Rebate.
If a Substantial Renovation is owned by more than one person, only one person from the group can apply for the Substantial Renovation Rebate.
How much is Substantial Renovation Rebate in British Columbia, Canada?
The Substantial Renovation Rebate is a maximum of $6,300.
Do Cottages Qualify for the Substantial Renovation Rebate in British Columbia, Canada?
In order to qualify for the Substantial Renovation Rebate, the renovated cottage must be your primary residence. If the cottage is a secondary property it will not qualify.
What if I substantially renovated property for a family member to live in British Columbia, Canada?
In order to apply for the Substantial Renovation Rebate, the homeowner does not need to live in the property. A close family member may however live in the Substantially Renovated property. A homeowner can apply for a Substantial Renovation Rebate if any of the following family members use the Substantially Renovated property as their primary residence:
How long do I have to apply for the Substantial Renovation Rebate in British Columbia, Canada?
A homeowner has 2 years to Substantially Renovate a home, and 2 years from the date they completed the Substantial Renovations to apply for the Substantial Renovation Rebate. Therefore, a homeowner can apply for a Substantial Renovation Rebate up to 4 years retroactive from today. After this deadline, the Substantial Renovation Rebate is no longer claimable.
Do I need to live in British Columbia, Canada in order to apply?
A homeowner does not have to reside in Canada in order to apply for the Substantial Renovation Rebate. If you own a home that you Substantially Renovated, and a close relative is using it as their primary residence you are entitled to receive a Substantial Renovation Rebate no matter where you live in the world.
When should I apply for the Substantial Renovation Rebate in British Columbia, Canada?
You can apply for the Substantial Renovation Rebate when the home is 90% complete.
How long does it take to receive the Substantial Renovation Rebate in British Columbia, Canada?
Once the Substantial Renovation Rebate application is filed you should receive your tax-free rebate cheque in 4-5 weeks.
