Effective July 1, 2010, purchasers of new residential property for the purpose of principal residency may be eligible for a rebate of 71.43% of the provincial component of the HST paid, up to a maximum of $26,250.

For example, a purchaser of new residential property with a purchase price of $500,000 will pay 7% or $35,000 for the provincial component of the HST. The purchaser may be eligible to a rebate equal to 71.43% of $35,000, or $25,000.

The GST/HST New Housing Rebate will often be credited by the builder of your new home at closing, in which case you will only be required to pay the builder the net amount of HST payable on the transaction. Alternatively you may have to pay the full HST to the builder at closing and apply for the GST/HST New Housing Rebate yourself.

Contact us to determine your eligibility for the GST/HST Rebate on the purchase of your new residential property or to assist with claiming the rebate yourself.

Below you will find a link to an info sheet that explains how you can determine the PST Transitional New Housing Rebate for new housing in British Columbia (BC).

Clck here.