What is the GST rebate on new homes? & What is the BC New Housing Rebate (HST)?
ANSWER: New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.
Source: Canada Revenue Agency www. Cra-arc.gc.ca Enter “RC4028” in the search box
What is the BC New Housing Rebate (HST)?
ANSWER: Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7% of the 12% HST) paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.
Source: http://hst.blog.gov.bc.ca/faqs/new-housing-rebate
** Disclosure... Please consult your lawyer & accountant to confirm this information and how it directly relates to your situation. Roland Kym 604-970-0393
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