Premier Darrell Dexter gave prospective homebuyers and homebuilders reason to rejoice when he announced a new tax break on Wednesday. The Nova Scotia Home... Full Article
Premier Darrell Dexter gave prospective homebuyers and homebuilders reason to rejoice when he announced a new tax break on Wednesday.
The Nova Scotia Home Builders Association had put forth a plan to the PC’s, the Liberals, and the now-reigning NDP party last spring before the provincial election was held. The association had suggested a tax break be made whereby newly constructed home buyers would be able to apply for a 50 per cent rebate on the harmonized sales tax – the provincial portion. With its approval, 1500 rebates will be available through the program, which was originally purposed as a way to generate work for tradespersons by encouraging economic activity.
Although the NDP had promised to implement the program by May 1, it has changed the date to Jan. 1, following the association’s suggestion. The Premier explained the start date was changed to allow for homes already being built between January and May to apply. He said approximately 600 permits had been issued between January and May.
The tax break is not available for income property or cottages. To apply, the rules are as follows: the home has to be the main residence of the owner; the municipal building permit must be dated between Jan 1, 2009, and April 1, 2010; construction of the home must be complete between Jan. 1, 2009 and March 31, 2010; the closing must be complete by March 31, 2010.
$7000 is the maximum tax break available, and applies to homes costing $175,000 or more.
For those interested in following how many applications are submitted for the rebate, they can visit www.getyourrebate.ca
