GST is not payable on used residential housing

As of January 1, 2008 new homes are subject to 5% GST. New home buyers that purchase a home from a builder can apply for a 1.8% rebate of the 5% GST applicable to the purchase price (purchase price x 1.8% = rebate) to a maximum of $7,560 for homes costing less than $350,000 before GST

You do not qualify for a GST rebate if you purchase a home over $450,000

If your new home is less than $350,000 you qualify for a GST rebate of 36% of 5% of the purchase price of a home to a maximum of $7,560.

Dominion Lending Centres: Chris Murphy Mortgage expert www.chrismurphymortgages.ca has mortgage calculator on front page of his site and current mortgage rates.

TD Canada Trust Colleen Blaney colleen.blaney@td.com

BMO Bank of Montreal John Phillips Mortgage Specialists johne.phillips@bmo.com specialist in lease land financing