HST: What's Taxable and What's Not
Home Purchases
- New Homes up to $400,000
The new housing rebate will be 75 per cent of the Ontario component of the HST, up to a maximum of $24,000. The rebate will ensure that buyers of homes priced up to $400,000 will, on average, pay no more tax than under the PST system. However, applicable PST on building supplies was embedded in the price of homes purchased before June 30.
No change - New Homes over $400,000
New homes purchased as primary residences, valued at $400,000 or more, will be eligible for the maximum new housing rebate of $24,000.
Tax changes to 13% (Was 5%) - Resale Homes
0% tax - Real Estate Commissions
Tax changes to 13% (Was 5%)
