If you’ve ever purchased a new home in Canada, you’re likely familiar with the GST (Goods and Services Tax). This tax is applied to new home purchases, and is typically added on to the price of the home. However, if you’re purchasing a new home that is not yet complete, you may be eligible for a GST refund.
Under the current rules, if you purchase a new home that is not yet complete, you can claim a refund for the GST you paid on the purchase price. However, the refund is only available if the builder and the buyer agree to cancel the purchase agreement. If the agreement is not scrapped, you will not be eligible for a refund.
Now, there is some good news for homebuyers. The Canadian government has announced that they will be changing the rules surrounding GST refunds for new home purchases. Starting in April 2019, homebuyers will be able to claim a refund for the GST paid on unfinished properties, even if the purchase agreement is not cancelled.
This is great news for anyone who is planning on purchasing a new home in the near future. If you’re worried about the cost of the GST, you can rest assured knowing that you can get your money back, even if the
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