What is the rebate if my home is priced between $350,000.00 and $450,000.00?
For homes valued between $350,000.00 and $450,000.00, the rebate is gradually reduced and is calculated by using the following formula (get ready to brush up your high school math): $6,300.00 X ($450,000.00 – B) / $100,000.00 “B” is the fair market value of the home being purchased. For example, assume the value of the home is $400,000.00. The rebate would equal: $6,300.00 X ($450,000.00 – $400,000.00) / $100,000.00 Assuming our math is correct, the rebate would equal $3,150.00. The G.S.T. payable would be $20,000.00 (5% of $400,000.00) less $3,150.00 which would equal $16,850.00.
