New-Home HST Rebates in Ontario: Up to $130,000 for First-Time Buyers — But Will It Be There at Closing?
If you are buying a brand-new home for the first time, $130,000 is a number that gets your attention. That is the combined maximum tax relief an eligible Ontario first-time buyer could receive on a new home right now, between the federal and provincial programs. It is real money, and for many buyers in LaSalle, Windsor and Amherstburg it could make a new build possible. But there is a catch worth understanding before you sign anything: that money may not be in your hands on closing day. How the Two Pieces Stack The federal piece is the first-time home buyers' GST/HST rebate. Bill C-4, which created it, has received Royal Assent, and the Canada Revenue Agency can now process claims. For an eligible first-time buyer purchasing a new or substantially renovated home as a primary residence, it can return up to 100 per cent of the GST, or the federal portion of the HST, up to a maximum of $50,000. Homes priced at $1 million or less can qualify for the full amount. Between $1 million and ...