Great news - the GST Rebate for First-Time Homebuyers has finally come into effect!!
Announced last spring by the federal government, the bill received Royal Assent last week and eliminates “the Goods and Services Tax (GST) for first-time home buyers on new homes up to $1 million and reducing the GST for first-time home buyers on new homes between $1 million and $1.5 million.” The Canada Revenue Agency will now be able to start processing rebate claims.
Please note that the rebate will generally apply to agreements of purchase and sale entered into on or after March 20, 2025, and before 2031.
If you have clients that were first time home buyers and purchased a new home under $1,500,000 between March 20, 2025, and today you should reach out and make sure they apply for the rebate. We are combing through our files so that our clients are notified, but you should do the same, in particular if they did not use us.
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