Harmonized Sales Tax (HST)
On July 1, 2010, Ontario introduced a federally administered Harmonized Sales Tax (HST) that applies to most purchases and transactions.
The HST applies to newly constructed or substantially renovated homes, but does not apply to resale homes. Buyers of new homes will receive a rebate of the provincial portion of the HST up to $24,000 regardless of the price of the new home.
The Ontario new housing rebate is available for the same types of residential properties for which the GST new housing rebate is available.The rebate would be the same as for a new home. That is, when the total value of the land and home is $350,000 or less, the rebate would be 36% of the GST paid on the building and the land to a maximum of $8,750.
When the total value of the land and house exceeds $350,000 but is less than $450,000, a proportional formula for calculating the GST rebate applies.
As with other new home purchases, HST rebates are not available for land and buildings valued at $450,000 or more when you build a house on your lot.
Sales Representative | MCNE®, SRES®
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