HST New Housing Rebate in Ontario

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HST New Housing Rebate in Ontario

Post: # 4696Post Flipping4Profit.ca
Tue Jul 24, 2012 5:16 pm

HST New Housing Rebate in Ontario


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Program

You may be eligible to claim a rebate for
a part of the HST you pay on the purchase
price of a newly constructed home
or the cost of building your home if:

• you buy a new or substantially
renovated home (including the land
or if you lease the land) from a builder;

• you buy a new mobile home
(including a modular home) or a
floating home from a builder or
vendor;

• you buy a share of capital stock of
a co-operative housing corporation;

• you construct or substantially
renovate your own home, or carry out
a major addition (or hire another person
to do so); or

• your home is destroyed in a fire and is
subsequently rebuilt.

Details

• The purchase price of resale homes are
exempt from the HST. The purchase
price of newly constructed homes are
subject to HST.

• New home buyers can apply for a
36% rebate of the federal portion of
HST applicable to the purchase price
to a maximum of $6,300 for homes
costing $350,000 or less. For new
homes priced between $350,000 and
$450,000, the rebate on the federal
portion of the HST rebate would be
reduced proportionately. New homes
priced $450,000 or higher would not
receive a rebate of the federal portion
of the HST.

• New home buyers can apply for a 75%
rebate of the provincial portion of the
HST applicable to the purchase price
to a maximum of $24,000.

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