A first-time homebuyer in Ontario purchases a new home for $450,000. What is the maximum GST/HST new housing rebate they can receive?
Correct Answer
A) $24,000
The maximum federal GST new housing rebate is $6,300 and the maximum Ontario new housing rebate is $24,000, for a combined maximum of $30,300. However, since the question asks for the maximum rebate amount and the home price is $450,000, the Ontario rebate of $24,000 would be the largest single rebate component.
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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?
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