For the standard federal GST/HST new housing rebate on a home bought from a builder (not the first-time home buyers' rebate), how do the price thresholds work?
Correct Answer
D) Full rebate up to $350,000, phasing out to nil at $450,000
Under CRA Guide RC4028, the full rebate (36% of the GST or federal part of the HST, up to $6,300) applies at $350,000 or less, a reduced rebate applies between $350,000 and $450,000, and no rebate is available at $450,000 or more.
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- → In Ontario, what is the standard Land Transfer Tax rate for a residential property purchase of $400,000?
- → Which of the following best describes when land transfer tax is typically paid?
- → A first-time buyer purchases a $450,000 home in Ottawa, outside the City of Toronto. Which land transfer tax relief can they claim?
- → Which type of real estate transaction is generally exempt from GST/HST in Canada?
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- → A buyer purchasing a $2 million commercial property in Alberta asks what provincial land transfer tax will be due on closing. What is the correct response?
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