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The Canada Revenue Agency will host an online information session on the first-time home buyers’ GST/HST rebate on May 20 and take questions.
“These sessions are designed for professionals and organizations that support prospective home buyers, as well as for builders and developers. Participants will gain a clear understanding of the rebate and be better equipped to share accurate information with clients and communities. This session is intended for builders and developers seeking clarity on the First-Time Home Buyers’ Rebate. We will review what a builder needs to know about the eligibility requirements and certain rules and restrictions for homes purchased from a builder. We will also review how builders may pay or credit the rebate to first-time home buyers, how they account for this when filing their GST/HST return, and any liability to the builder if the rebate has been credited but the purchaser was not entitled to the rebate,” the CRA website reads.
The federal first-time homebuyers rebate returns up to $50,000 of the federal portion of HST paid on new or substantially renovated homes worth under $1.5 million purchased by first-time homebuyers. It took effect March 20. Ontario announced earlier this year it would rebate the full 13 percent HST on all (not just first-time) new and substantially renovated home purchases under $1 million.