Northwest Territories Archives - Access Rebates https://accessrebates.ca/category/northwest-territories/ Access Rebates Wed, 22 Dec 2021 06:56:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 https://accessrebates.ca/wp-content/uploads/2021/08/cropped-logo-32x32.jpg Northwest Territories Archives - Access Rebates https://accessrebates.ca/category/northwest-territories/ 32 32 Investment Property Rebate up to $6,300 https://accessrebates.ca/northwest-territories/investment-property-rebate-up-to-6300/ Wed, 14 Jul 2021 15:46:31 +0000 https://www.accessrebates.ca/?post_type=reabte&p=299 If you have purchased a newly built home, townhome or condominium within the last 2 years with the intention of renting out the property, and it has a fair market value of $450,000 of less, then you are entitled to the tax-free Investment Property Rebate of up to $6,300 from the Government.
What type of Properties are eligible for the Investment Property Rebate?

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]]> If you have purchased a newly built home, townhome or condominium within the last 2 years with the intention of renting out the property, and it has a fair market value of $450,000 of less, then you are entitled to the tax-free Investment Property Rebate of up to $6,300 from the Government.
What type of Properties are eligible for the Investment Property Rebate?
In order to qualify for the Investment Property Rebate you must have purchased a New (never been lived in before):

  • Investment condominium
  • Investment home

Purchases of Multi-unit Investment properties do not qualify. These include duplexes, triplexes and apartment buildings.

How long do I have to apply for the Investment Property Rebate?
An Investor has 2 years from the date of closing to apply for the Investment Property Rebate. After this time the Investment Property Rebate is no longer claimable.

Do I need to live in Canada in order to apply for the Investment Property Rebate?
An Investor does not have to reside in Canada in order to apply for the Investment Property Rebate. If you have brought a new investment property you are entitled to receive the Investment Property Rebate no matter where you live in the world.

What happens if I purchased the property to flip it?

  • If the investment was made to flip the property, the Investor is not entitled to the Investment Property Rebate. Investors are cautioned not to apply for the rebate in this situation.
  • If the Investor applies for the Investment Property Rebate, receives it, then sells the property within 2 years of purchasing it, it is more than likely CRA will send them a tax bill for the Investment Property Rebate they received plus interest.

What happens if I bought the property to live in, but I am renting it now instead?
It is very common to change your mind on the use of a property after it is purchased. As life changes, what we originally intended does not always happen. If you purchased a property with the intention of living in it, the builder can apply for an Investment Property Rebate on your behalf. This reduces the price of the home to the purchaser, and the taxes owed to the Government by the builder.

In most cases the home purchaser has no idea this has happened. If you then decide to rent the home instead of living in it, the Investor (homeowner) will more than likely receive a tax bill from CRA for the Investment Property Rebate applied to the new home purchase. The Investor will then need to apply for an Investment Property Rebate which offsets the bill from CRA. Again, this must be done within 2 years of purchasing the investment property or the Investment Property Rebate will no longer be claimable.

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]]> Substantially Renovate your Principal Residence and receive up to $6,300 https://accessrebates.ca/northwest-territories/substantially-renovate-your-principal-residence-and-receive-up-to-6300/ Wed, 14 Jul 2021 15:45:49 +0000 https://www.accessrebates.ca/?post_type=reabte&p=298 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:

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]]> 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:

  • Substantially Renovated Principal Residences
  • Homes that are purchased as a new Principal Residence and Substantially Renovated homes
  • Cottages that are Substantially Renovated and to be used as a Principal Residence

Who can apply for the Substantial Renovation Rebate?
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?
The Substantial Renovation Rebate is a maximum of $6,300.

Do Cottages Qualify for the Substantial Renovation Rebate?
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 a property for a family member to live in?
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:

  • Children
  • Parents
  • Siblings

How long do I have to apply for the Substantial Renovation Rebate?
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 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?
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?
Once the Substantial Renovation Rebate application is filed you should receive your tax-free rebate cheque in 4-5 weeks.

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]]> Custom Home Rebate up to $6,300 https://accessrebates.ca/northwest-territories/custom-home-rebate-up-to-6300/ Wed, 14 Jul 2021 15:45:25 +0000 https://www.accessrebates.ca/?post_type=reabte&p=297 If you have hired a Builder or a General Contractor to build you a Custom Home within the last 2 years that is or will be used as your Principal Residence and has a fair market value of up to $450,000, then you may be entitled to a tax-free Housing Rebate of up to $6,300 from the Government. The Housing Rebate applies to:

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]]> If you have hired a Builder or a General Contractor to build you a Custom Home within the last 2 years that is or will be used as your Principal Residence and has a fair market value of up to $450,000, then you may be entitled to a tax-free Housing Rebate of up to $6,300 from the Government. The Housing Rebate applies to:

  • Custom Homes constructed on a vacant parcel of land
  • Homes that are torn down and a new home is constructed
  • Cottages that are torn down and a new home constructed as the owner’s Principal Residence

Who can apply for the Custom Home Rebate?
In order to qualify for the Rebate, the Custom Home must be owned by a person or group of people. If the Custom Home is owned by a company it will not qualify for the Custom Home Rebate. If a Custom Home is owned by more than one person, only one person from the group can apply for the Custom Home Rebate.

How much is Custom Home Rebate?
The Custom Home Rebate is a maximum of $6,300.

Do Cottages Qualify for the Custom Home Rebate?
In order to qualify for the Custom Home Rebate, the Custom-Built Home must be your primary residence. If the cottage is a secondary property it will not qualify.

What if I built the home and a family member lives in it?
In order to apply for the Custom Home Rebate the homeowner does not need to live in the Custom Home. A close family member may however live in Home. A homeowner can apply for a Custom Home Rebate if any of the following family members use the Custom Home as their primary residence including:

  • Children
  • Parents
  • Siblings

How long do I have to apply for the Custom Home Rebate?
A homeowner of a custom- built home has 2 years to build a home, and 2 years from the date they moved into the Custom Home to apply for the Rebate. Therefore, a homeowner can apply for the rebate up to 4 years retroactive from the day they started work on their custom home. After this deadline the Custom Home Rebate is no longer claimable.

Do I need to live in Canada in order to apply?
A homeowner does not have to reside in Canada in order to apply for the Rebate. If you own a home that you custom built and a close relative is using it as their primary residence, you are entitled to receive a Custom Home Rebate no matter where you live in the world.

What happens if I built the Custom Home to flip it?

  • If you have built the Custom Home with the intention of flipping the property you are not entitled to the Custom Home Rebate. Homeowners are cautioned not to apply for the rebate in this situation.
  • If the homeowner applies for the Custom Home Rebate and receives it, then sells the property within 2 years of building it, more than likely CRA will send them a tax bill for the Custom Home Rebate they received plus interest.

When should I apply for the Custom Home Rebate?
You can apply for the Custom Home Rebate when the home is 90% complete.

How long does it take to receive the Custom Home rebate?
Once the Custom Home Rebate application is filed you should receive your tax-free rebate cheque in 4-5 weeks.

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