HST rebate threshold

After weeks of hot political debate, public protest and industry lobbying, a crack appeared Thursday in the provincial government's implementation of the hugely unpopular harmonized sales tax with a change in how it will apply to new housing.

"We heard the concerns from consumers and industry," Finance Minister Colin Hansen said, announcing that the government will raise the threshold for its maximum HST rebate on new homes to $525,000 from $400,000, effectively increasing the rebate by 30 per cent.

For homes priced under $525,000, the rebate will ensure there is no additional tax burden from the HST. Purchasers of homes over the new threshold will pay the seven-per-cent HST and be eligible for a maximum rebate of $26,250.

 By Brad Gannon - brad@vanrealty.ca

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