By Rosalind Russell – It’s a proposal the province says will lower costs for first-time home buyers and spur new home construction.
Finance Minister Peter Bethlenfalvy announced plans to rebate the 8% provincial portion of the HST in Ontario for first-time home buyers.
The move – which will be included in the upcoming fall economic statement — would save up to $80,000 off the cost of a new home when combined with existing provincial relief.
When combined with the feds’ proposal to remove its 5% portion of the HST, the rebate could be up to $130,000.
Ottawa tables its fall budget on November 4th with the Ontario fall economic statement being released two days later on November 6th.
Photo: unsplash.com
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