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TORONTO \u2014 Some first-time homebuyers in Ontario could soon save tens of thousands of dollars on the cost of a home under a proposal from the provincial government to rebate the HST.<\/p>\n
The Ontario government had previously signalled that if the federal government removed its portion of the harmonized sales tax for first-time homebuyers, the province would follow suit.<\/p>\n
The federal government proposed earlier this year to rebate the federal portion of the HST on new and substantially renovated homes valued up to $1 million for first-time homebuyers.<\/p>\n
Finance Minister Peter Bethlenfalvy says Ontario\u2019s provincial rebate will be in next week\u2019s fall economic statement.<\/p>\n
While homes valued up to $1 million would qualify for the full rebate, there will be partial rebates on a phased-in basis for homes valued up to $1.5 million.<\/p>\n
Ontario is behind its goals on housing starts and Municipal Affairs and Housing Minister Rob Flack says the move will help spur new home construction.<\/p>\n
\u00a92025 The Canadian Press<\/strong><\/p>\n<\/p><\/div>\n