Critics say proposed GST rebate won’t help most first-time homebuyers
The federal government’s plan to offer a GST rebate to first-time homebuyers of new construction houses has come under fire from builders who say it doesn’t go far enough.
On May 27, the Department of Finance announced it will remove the Goods and Services Tax from new homes that cost less than $1-million and return some of the tax on homes costing less than $1.5-million. The change is expected to rebate $3.9-billion to first-time buyers over five years.
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