Condo Rebates – Abatements Explained

A reduction in some amount that is owed, usually granted by the person to whom the debt is owed. In the law of torts, the summary removal of a nuisance.

So what is Condo abatement and how does this affect me?

Once you have purchased a prop

erty from a new home builder and you have signed an agreement of purchase and sale, you will find that in most cases the developer of the land will be excused for many potential mistakes that they consider small or insignificant. Continue reading

Claim Your Abatement

The Abatement Recovery Program has been created for purchasers whom have purchased a property directly from a Developer or through an Assignment Sale. You will find that in most cases the developer of the land feels they will be excused for many potential mistakes that they consider small or insignificant. This program has been created to protect the investors and the end user against these such mistakes and problems that have been created by the builder. Only those whom have registered for the abatement recovery program will be included in the class action settlement. Click here to see if your building is affected and or post your abatement.

Claim Your Rebate

The Canadian Condominium Rebates recovery program has been developed for those individuals who purchased new residential condominium units directly from the Developer or by way of Assignment, with the purpose of occupying as primary place of residence, or renting to a tenant.

What is a rebate and why is it applicable to the purchase of my condo or freehold property?

First let me start by stating…All Rebates are TAX FREE and are eligible to receive interest on all funds outstanding.When individuals walked into a presentation center in 2003 and onwards to purchase a preconstruction property, the time from signing the purchase and sale agreement to the time of delivery of the property spans 3+years. A lot can change in this time and it has, if you recall in 2005-2006 Canada had a budget surplus, which resulted in new legislation, and if you recall the government had such a surplus that we Canadian citizens under a specific income level received a credit of approx. $300. Not only did they issue cheques to individuals but they implemented new legislation to address preconstruction properties purchased. This was there opportunity to implement the rebate program! The rebates where never advertised nor did the government make the general public aware of these rebates! However one can argue that they did advertise the rebate program as it was written into legislation and one could have read the legislation if they knew about it. I am always asked to explain why the Federal, Provincial and Municipal governments are offering rebate programs with stringent regulations along with legislative laws rules and regulations to back them up, that must be adhered to in order to claim back or get rebates which belongs to the customer in the first place. Best of all these Federal and Provincial rebates expire within two years from final closing. The government implemented a federal and provincial rebate program whereby statistically fewer than 10% of rebates are actually claimed and recovered. However from speaking with clients and unable to receive any statistics from the government I believe that the recovery of these rebates is far less than 10%. This should not come as a surprise in that they are the primary beneficiary of these unclaimed rebates. Using the rebate model and principles, results in hundreds of millions of dollars being unclaimed and expired! What is the government doing with all the unclaimed rebate money? Ironically some of the individuals who are entitled to these rebates and many, whom are not entitled but lay claim to expertise, feel that the service I provide is a scam. The fear of the unknown, ignorance, embarrassment but most likely is that misery loves company and some people would prefer that if they don’t know how to collect it themselves than others should not collect. The most amazing part of my business is dealing with the skeptics whom believe that if they were entitled to a rebate that it would have been given to them already by the government or that the lawyers or developers would have already helped them out on this. They don’t understand why their accountant would have not picked this up.

So What Do You Do Now?

Work with a Canadian Condominium Rebate Inc., specialist whom is knowledgeable in the collection and recovery of these rebates. Remember, though the government has implemented legislation stating that it is the responsibility of the purchaser to understand and get these rebates, the government is the primary stake holder in that they retain the hundreds of millions of unclaimed rebates. Use a professional rebates recovery officer. Remember these are funds being collected that you did not know about and your current representatives did not help you with. Most important, remember, all of these rebates have expiration dates. So don’t delay.

Canadian Condo Rebates, First Time Buyer Credit

Canadian Condo Rebates First Time Buyer Credit Tip:

Condo Rebates Tax Tip – As a First time home buyer, who closed a purchase after January 27, 2009 you may be eligible for a 15% income tax credit for closing costs. After some digging Condo Rebates has determined that this 15% income tax credit (up to a maximum of $750.00) must be applied for Continue reading