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– canadianmortgagetrends.com
This is such a basic question that you might be asking yourself, “how could an entire article be dedicated to answering this?”Here’s how much a GST break could save first-time home buyers
– moneysense.ca
The Liberal government introduced legislation on June 5 to eliminate the GST portion from new home sales of up to $1 million for first-time buyers, which works out to as much as $50,000 off the cost of a new build or a substantially renovated unit.
For homes sold above $1 million, the GST relief is phased out as the price tag nears $1.5 million.
Desjardins Economics said in a report released Monday, June 9, that first-time Canadian home buyers could save up to $240 on their monthly mortgage payments if they were to buy a new home with an all-in, tax-included price of $1 million. The required down payment would also be somewhat smaller.
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GST break will reduce closing costs
Some developers charge the sales tax upfront, so it’s not rolled into the mortgage principal at the time of purchase…
GST relief on new homes could save 1st-time buyers up to $240 on mortgages: report
– canadianmortgagetrends.com
The Liberal plan to give first-time homebuyers a tax break on a newly built home could have substantial impacts on housing affordability — with a few caveats — a new analysis finds.
