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ARTICLE · 08 SEPTEMBER 2009

New Provincial Housing Rebate And Transitional HST Rules For Real Property

Aird & Berlis LLP
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The 2009 Ontario Budget proposed a single-value added sales tax ("HST") to replace the current system of federal Goods and Services Tax ("GST") and the provincial Retail Sales Tax ("RST").

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Louise Summerhill
Louise Summerhill
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The 2009 Ontario Budget proposed a single-value added sales tax ("HST") to replace the current system of federal Goods and Services Tax ("GST") and the provincial Retail Sales Tax ("RST"). On June 19, 2009, the Government of Ontario announced an enhanced new housing rebate proposal and certain transitional rules designed to assist taxpayers and businesses transition into the new HST regime.

Enhanced New Housing Rebate

The new housing rebate will be calculated as 75 per cent of the provincial portion of the HST payable on the purchase of a new home, up to a maximum of $24,000. New homes purchased as primary residences across all price ranges will qualify for a maximum rebate of $24,000.

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