Saturday, June 20, 2009

Tax Rebate for HST!

The Sun reported today that Premier Dalton McGuinty is proposing to provide a 75 per cent tax rebate on first $400,000 for new homes! The provincial government is sweetening the pot in a bid to make the controversial harmonized sales tax more palatable to Ontarians. In a surprise move this morning, the government announced it was capitulating to home builders' demands by effectively reducing taxes proposed on new homes. Under the change, buyers of new homes in all price ranges would receive a 75 per cent rebate of the 8 per cent provincial portion of the HST on the first $400,000 of the cost.

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