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 order to qualify for the Rebate, the Substantial Renovation must be owned by a person or group of people.
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:
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.
