GST relief for first-time home buyers on new homes valued up to $1.5 million

The Carney government has fulfilled its promise of GST relief. Now first-time buyers buying new homes worth up to a million dollars will save $50,000.

In addition, the GST on new homes priced between $1 million and $1.5 million has also been reduced for first-time homebuyers. In this regard, Finance Minister Francois Philippe Champagne tabled legislative proposals for changes to the Excise Tax Act today.

According to government figures, this rebate will save Canadians $3.9 billion in taxes over the next five years. People who are buying a new home from a builder will qualify for this rebate.

Those who build a house themselves or hire someone else to build a house on their leased or owned land will also qualify. Those who buy shares in a cooperative housing corporation will also qualify.

This rebate can be obtained if the contract for the purchase or sale of the house is made from May 27, 2025. However, its validity has been kept before the year 2031. To obtain this, the construction of the house will have to start before 2031 and the construction of the house will have to be completed before 2036.

For complete information:
https://www.canada.ca/en/depar...