How much more does one has to pay for their residential home purchase due to the HST?
Basically, Buyers of new homes priced up to $525,000 will be eligible for a rebate of 71.42% on the provincial portion of the HST. For example, exercising the full rebate for a purchase of a home priced at $525,000, will amount to $26,250 which is the maximum allowable rebate amount available. Homes above the $525,000 threshold would receive a flat rebate of $26,250.
Please note that the HST applies mainly to new housing. For the most part, resale properties purchased will not be subjected to HST. There are cases that a resale home would be subject to HST, (such as if the home is extensively renovated, etc) please check with the Canada Revenue Agency at 1-800.959.8287 for further information.
Download a 2-page guide regarding HST changes. CLICK HERE TO OPEN THE REPORT