FINANCING

GST/HST New Housing Rebate

First-time homebuyers residing in provinces that have combined provincial and federal sales tax into GST/HST, including Nova Scotia, New Brunswick, Newfoundland, Ontario, and B.C., are eligible for a GST/HST tax rebate through the federal government. While rebates and conditions vary from province to province, the program is designed to help with the federal portion of the GST/HST new homebuyers have to pay. You can find out if you’re eligible for a GST/HST New Housing Rebate, as well as all necessary application forms on Service Canada’s website.

First-Time Homebuyer’s Tax Credit

Homebuyers who have not owned a home within the last four years may be eligible for the first-time homebuyers tax credit through the Government of Canada’s Economic Action plan. The credit is based on $5,000 multiplied by the lowest federal income tax rate for that year. For example, the lowest federal income tax rate for 2014 is 15 percent, so the value of the credit would be $750. You can learn more about the first time homebuyer’s tax credit on the Government of BC website.

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