Buying a home can be a much more complex process than one would like to think. There’s paperwork after paperwork, and tax after tax. It is important to be familiar with the distinct taxes that are applied to the purchase of your home, and to be financially savvy enough to recover some of that money back (in certain cases, if permissible). Once again, our How to Buy a Home associates are here to help you, and here, we’ll be reviewing the GST tax, and how you can get some of it back if you meet the proper requirements.
The only time that you need to pay GST on a home purchase is when you’re buying a brand new home.
This home could be a single-family home, condo, townhouse or even mobile home. The GST is generally rolled into your mortgage payment to make it easy for you to pay.
If you meet certain conditions, you are eligible to get a rebate on the GST/HST paid on your purchase. To be eligible for this rebate:
In order to apply for the rebate, you’ll need to complete Form GST190 and file it with your personal income tax.
