A first-time homebuyer in Ontario purchases a new home for $450,000. What is the maximum GST/HST new housing rebate they could receive?
Correct Answer
C) $36,000
The maximum GST/HST new housing rebate for homes under $450,000 is $36,000, which combines the federal GST rebate ($6,300) and the Ontario new housing rebate ($29,700). This rebate is available to qualifying first-time homebuyers purchasing newly constructed homes.
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