First-Time Homebuyers Can Now Save Up to $50,000 On Taxes

Bill C-4, the Making Life More Affordable for Canadians Act, introduces a First-Time Home Buyers' GST/HST Rebate allowing buyers to recover up to 100% of the GST or federal HST portion (up to $50,000) on new or substantially renovated homes up to $1.5 million until 2031. Eligibility includes being a first-time buyer, Canadian resident, and using the home as a primary residence. Ontario may offer a matching provincial rebate, potentially saving buyers up to $130,000. This creates a limited-time buyer's market with significant tax savings.