The Ontario government has announced plans to offer a rebate on its portion of the HST on new homes, potentially saving eligible first-time buyers as much as $130,000, when combined with other provincial and federal savings initiatives.
The plan to refund the 8 percent provincial harmonized sales tax (HST) on homes priced up to $1 million will be featured in the government’s fall economic statement next week, Housing Minister Rob Flack and Finance Minister Peter Bethlenfalvy announced during an Oct. 28 press conference.
The move follows a promise the Doug Ford government had previously made that if Ottawa were to waive its share of the HST for first-time homebuyers, the province would follow suit….