What is the maximum standard Ontario new housing rebate of the provincial part of the HST on a new home bought from a builder (ignoring the newer first-time buyer and enhanced Ontario rebates)?
Correct Answer
D) $24,000
The standard Ontario new housing rebate is 75% of the 8% provincial part of the HST, capped at $24,000, and CRA states it can be available even when the price is above the federal rebate threshold. There is no price ceiling that reduces it between $400,000 and $500,000.
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Previous Question
For a first-time buyer purchasing a $400,000 home in Ontario outside the City of Toronto, what is the provincial land transfer tax before and after the maximum first-time refund?
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In Ontario, what is the standard Land Transfer Tax rate for a residential property purchase of $400,000?