Ontario Real Estate Licensing Exam Practice · Question
Regarding the HST New Housing Rebate, what is its primary purpose for eligible buyers?
The HST New Housing Rebate allows eligible individuals to recover a portion of the HST paid on the purchase of a new or substantially renovated home. This rebat
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Question: Regarding the HST New Housing Rebate, what is its primary purpose for eligible buyers?
Answer options:
- To reduce the buyer's property tax assessment ✅ To provide a rebate on the HST paid on a new home purchase
- To exempt new homes from HST entirely
- To offer a credit for renovations made to a new home
Correct answer: To provide a rebate on the HST paid on a new home purchase
Explanation: The HST New Housing Rebate allows eligible individuals to recover a portion of the HST paid on the purchase of a new or substantially renovated home. This rebate helps to mitigate the financial burden of HST on new home ownership.
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