New Ontario Housing Rebates Are Now Available

The Canada Revenue Agency has announced that new Ontario housing rebates introduced earlier this year are now available for qualifying new construction, home purchases, substantial renovations and rental housing projects.

The new rebates are designed to recover some or all of the 8% Ontario portion of the HST and could represent significant savings for qualifying projects.

 Three new Ontario rebates are available:

• Ontario Enhanced New Housing Rebate (ENHR) – For individuals purchasing, building or substantially renovating qualifying homes. Provincial housing rebates can provide up to $80,000.

• Ontario First-Time Home Buyers' Rebate – Eligible first-time buyers may receive up to $80,000 toward the Ontario portion of the HST and potentially up to $50,000 through the federal first-time home buyers' rebate.

• Ontario Enhanced New Residential Rental Property Rebate (ENRRP) – For qualifying landlords who purchase, build or substantially renovate rental housing. The rebate can recover up to 100% of the 8% Ontario HST portion, to a maximum of $80,000.

For certain qualifying projects, Ontario's New Home Affordability Payment (ONHAP) may provide an additional up to $50,000, potentially bringing combined relief to as much as $130,000.

Timing is critical. Depending on the program, eligibility can be determined by when the agreement of purchase and sale was entered into, when construction began, the type of housing and how the property will be used.