First-Time Home Buyer? This New GST/HST Rebate Could Save You Thousands. July/26

If you're a first-time home buyer trying to decide between a resale home and a new construction home, there's a new incentive you'll want to know about.

The Canada Revenue Agency (CRA) has introduced a new federal GST/HST rebate for eligible first-time home buyers purchasing a new home. Depending on the purchase price, you could save up to $50,000.

Who is considered a first-time home buyer?

In general, the CRA considers you a first-time home buyer if you:

• Are at least 18 years old.

• Are a Canadian citizen or permanent resident.

• Have not lived in a home that you owned—or that your spouse or common-law partner owned—during the current year or the previous four calendar years.

Why this matters

When comparing a resale home to a new construction home, don't just look at the purchase price. This new rebate could make a brand-new home more affordable than you might expect.

If a new build is already on your list, it's worth factoring in the potential tax savings before making your decision.

As with any government program, eligibility requirements and conditions apply. For the most up-to-date information and to determine whether you qualify, visit the CRA's website or speak with a qualified tax professional.

Even if you're only starting to think about buying your first home, staying informed about programs like this can help you make a more informed decision when the time comes.