What is the rebate if I am moving to the new home?
For purchasers who intend to make their new home their “primary place of residence”, a rebate is available which reduces the amount of G.S.T. paid to the federal government. This is called the New Housing Rebate and it reduces the G.S.T. paid by 36%. For example, assume the purchase price of the new home is $300,000.00. G.S.T. is 5% of $300,000.00, which equals $15,000.00. The rebate is 36% of $15,000.00, which is $5,400.00. The net G.S.T. payable would be $9,600.00, which equals $15,000.00 less $5,400.00 In order to qualify for this New Housing Rebate, the purchaser must certify that they will be moving into the property and using the property as their primary place of residence. Further, the purchase price must be under $350,000.00 to qualify for the entire New Housing Rebate. A partial rebate is available for homes between $350,000.00 and $450,000.00 as set out below. The New Housing Rebate is generally given at closing which means the purchaser usually pays the net G.S.T. to the Ve
