HST NEW HOMES CALCULATIONS
Provincial Rebate = 75% of 8% (6%) x price (w/o hst) to a max of 400K ($24,000 rebate).
Federal Rebate = 36% of 5% x price (w/o hst) to a max of 350K ($6,300 rebate)
For the $350,000-$450,000 range, I found this worksheet PDF from Canada Revenue Agency, which has an example of calculating the federal rebate for homes in phase-out range: $6300 * ($450,000 – purchase_price)/$100,000
After playing trial & error with numbers in a spreadsheet, I arrived at the following:
Original purchase price: 378,067.08
Ontario part of HST (8%): 30,245.37
Ontario part of HST rebate: (22,684.03)
Federal part of HST (5%): 18,903.35
Federal part of HST rebate: (4,531.77)
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Total: 400,000.00
So, assuming the HST less rebates are both baked into a $400,000 new Ontario condo sale price, then the price without HST is likely $378,067.08. …
