US EditionOntario proposes to rebate HST for some first-time homebuyers
Ontario aims to help first-time buyers save up to $80,000 on new homes under $1 million through a provincial HST rebate, complementing federal tax relief efforts.
- The Ontario government plans to waive its portion of the Harmonized Sales Tax for first-time homebuyers on new homes valued up to $1 million, as announced by Finance Minister Peter Bethlenfalvy.
- The proposed rebate, part of the fall economic statement, could save buyers up to $80,000 when combined with existing relief measures.
- Richard Lyall, President of the Residential Construction Council of Ontario , praised the announcement, stating it will help many young people and families achieve homeownership.
- The implementation of this rebate is subject to federal legislative passage and regulatory changes, as noted by the provincial government.
27 Articles
27 Articles
Ontario Proposes HST Tax Break for Some First-Time Homebuyers
The Ontario government has announced plans to offer a rebate on its portion of the HST on new homes, potentially saving eligible first-time buyers as much as $130,000, when combined with other provincial and federal savings initiatives. The plan to refund the 8 percent provincial harmonized sales tax (HST) on homes priced up to $1 million will be featured in the government’s fall economic statement next week, Housing Minister Rob Flack and Finan…
Looking to buy your first home? Ontario government proposes thousands in tax relief for some first-time buyers
The Ontario government is proposing to help first-time homebuyers by lowering costs with a sales tax rebate it says could save up to $130,000, when combined with other provincial and federal saving initiatives.
TRREB Applauds Ontario's New HST Rebate for First-Time Homebuyers
TRREB has been among the strongest supporters of HST relief for new homebuyers and has called for this relief with partners in an Ontario Housing Coalition of builders, REALTORS®, business groups, trade associations, not-for-profit organizations, and rental providers. TRREB's 2024 Fair Taxes on Ontario Homes report also highlighted the need to lower the HST on new housing to save homebuyers tens of thousands of dollars in taxes. With homeownersh…
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