Province increases threshold on HST housing rebate Up from $400,000 to $525,000

Connie Thiessen VANCOUVER (NEWS1130) | Thursday, November 19th, 2009 11:02 am

VANCOUVER (NEWS1130) - The province has increased the threshold on the Harmonized Sales Tax (HST) new housing rebate. Finance Minister Colin Hansen announced this morning the new housing rebate on the harmonized sales tax will increase to $525,000 from $400,000.

That's the highest maximum provincial rebate in Canada. The rebate means home buyers will be eligible for a rebate of 71 per cent of the provincial portion of the HST paid on a new home, with a maximum of $26,250.

Opposition finance critic Bruce Ralston says the move is an admission that the HST is a bad idea, and the Liberals are trying to soften the blow. The HST takes effect July 1, 2010.