Harmonized Sales Tax

The Harmonized Sales Tax (“HST”) is a combination of the 5% Federal Goods and Service Tax (GST) and the 8% Ontario Retail Sales Tax (PST). 

Under the HST rules, individuals will be eligible for a New Housing Rebate which is in addition to the existing GST New Housing Rebate. The Ontario HST New Housing Rebate is 6% of the value of the home, up to maximum of $24,000. There is no rebate for the value of a home which exceeds $400,000.

The GST New Housing Rebate remains at 5% and is phased out for house values between $350-450,000. The GST portion of the rebate is eliminated above $450,000. 

At Hyde Park Homes, like most builders in the industry, our properties are sold with the HST included in the purchase (as apposed to being added in addition). Therefore, there will be no HST added to the purchase price at the time of closing. We are responsible for remitting the HST and the combined rebate will be assigned to us and deducted from the amount of tax due.