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Blog by Linda M Linfoot

GST cut helps home buyers,owners, renters, CHBA says

December 1st, 2008

OTTAWA, October 30, 2007 - The Harper government's decision to cut the GST to 5 per cent, effective January 1, 2008, will significantly improve housing affordability, the Canadian Home Builders' Association (CHBA) said today. "This is great news for both home buyers and owners," CHBA President Richard Lind said. "It will help all owners who are considering renovations and all Canadians who m ...

GST Drops to 5 Percent

January 1st, 2008

January 1, 2008, the GST drops to 5% from 6%. The GST that must be paid on the purchase of new construction residential property, and the GST that must be paid on substantial renovations where 90% or more of the structure has been replaced and qualifies as new property. There is no GST charged on residential resale property. Therefore this reduction does not affect sales.

The important time ...