PST REBATE FOR NEW HOME CONSTRUCTION:
The PST Rebate for new home construction is for the use of new home purchasers that claim the Provincial Sales Tax (PST) rebate on a newly-constructed home that is owner-built. The PST Rebate provides a rebate of up to 42% of the PST paid on the purchase of a new, previously unoccupied home (newly-constructed home), where the purchaser takes possession of the home after March 31, 2020 and before April 1, 2023, or meets all of the following criteria:
1. The construction phase defined in Information Bulletin PST-75, PST Rebate for New Home Construction as “new housing start” is complete before April 1, 2023.
2. The purchaser takes possession before April 1, 2024.
The rebate is available on newly-constructed homes with a total price of less than $450,000. The amount of the rebate is reduced for homes with a total price between $350,000 and $450,000, with no rebate available for newly-constructed homes with a total price of $450,000 or more.
Please see Information Bulletin PST-75, PST Rebate for New Home Construction, for more information on the rebate program and for details on how the rebate is calculated.
Looking for a mortgage for your newly built home, apply here.