"The Ontario government is proposing to help first-time homebuyers by lowering costs with a sales tax rebate it says could save up to $130,000, when combined with other provincial and federal saving initiatives. The proposal, which will be included in next week's fall economic statement, will rebate the eight per cent provincial harmonized sales tax (HST) for first-time buyers purchasing a home valued up to $1 million."
"The provincial initiative combined with existing Ontario reliefs, such as the HST New Housing Rebate, would save first-time buyers up to $80,000 off the cost of a new home, said a news release from the province. It said all provincial savings paired with the federal government's plan to eliminate five per cent of the HST for homes valued up to $1 million would equal $130,000 in total savings for first-time homebuyers."
"The provincial tax relief will help buyers manage financial challenges in a time where every dollar counts," said Ontario Finance Minister Peter Bethlenfalvy at a news conference announcing the proposal Tuesday. In short, it means more money that stays where it belongs, in the pockets of hard working Ontario families, he said. Through measures like this HST relief, we're helping more young families take that first step into home ownership."
Ontario will rebate the eight per cent provincial harmonized sales tax (HST) for first-time buyers purchasing homes valued up to $1 million, with phased partial rebates for homes valued up to $1.5 million. The measure will be included in the fall economic statement and follows a promise to match a federal proposal to remove the federal HST portion for first-time buyers. Provincial measures combined with existing reliefs such as the HST New Housing Rebate could save buyers up to $80,000 on a new home. Paired with the federal plan to eliminate five per cent HST, total savings could reach $130,000.
Read at www.cbc.ca
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