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Did you know that you could be entitled to a partial GST and QST refund if you have substantial renovations done to your dwelling?
Renovations are considered substantial when all or substantially all (90% or more) of the existing building is removed or replaced, except for the foundations, outside walls, inside supporting walls, floors, roof and stairs.
Refund eligibility conditions
Your dwelling is eligible for a partial refund when all of the following conditions apply:
- The housing is a single-unit residential complex (including a duplex) or a residential unit held in co-ownership.
- You or one of your relations was the first to occupy the premises after the renovations had begun.
- The housing is being renovated to serve as your or a relation’s primary place of residence.
- For the GST rebate, when the renovation was substantially (90% or more) completed, the fair market value of the property was $450,000 or less.
- For the QST rebate, when the renovation was substantially (90% or more) completed, the fair market value of the property was $300,000 or less.
Application deadline
The refund application must be submitted no later than two years after the first of the following:
- The date on which the renovations were substantially (90% or more) completed;
OR
- Two years after the date on which you or one of your relations began using the premises as a primary place of residence after the renovations had begun
Raymond Chabot Grant Thornton’s tax advisors can guide you in filing and maximizing your claim. Contact our professionals for assistance with this process.