Province rebating the provincial portion of the HST for first-time home buyers of most new homes
TORONTO — As part of its plan to protect Ontario, lower costs and help more families realize the dream of homeownership, the provincial government is proposing to rebate the full 8 per cent provincial portion of the HST for first-time home buyers on new homes valued up to $1 million. The province’s proposal, which will be included in the 2025 Fall Economic Statement, would save first-time home buyers up to $80,000 off the cost of a new home when combined with existing provincial relief, helping lower costs for first-time home buyers and spurring the construction of more homes. When combined with the federal government’s proposed removal of its 5 per cent portion of the HST, which would save up to $50,000 off the cost of a new home, total savings for first-time home buyers would equal up to $130,000. More
*The information contained on this site is for general guidance only and is not to be construed as legal or other professional advice. It should not be used as a substitute for consultation with legal or other competent advisers. Before making any decision or taking any action, you should consult a professional.
*With regard to the intellectual property rights of others, individuals who have a belief that their work has been replicated in a manner that constitutes copyright infringement may contact us.
