Conclusion of PST Rebate Program
SASKATOON, SK (OCT 14, 2022) – Changes to Eligibility Criteria for Conclusion of PST Rebate Program
Sent on behalf of Nicole Burgess, CEO
Dear SRHBA Member,
Over the past several months, the Saskatoon & Region Home Builders’ Association and the Regina & Region Home Builders’ Association have been advocating for revisions to the current Provincial Sales Tax Rebate Program to account for the unforeseen challenges faced by industry brought on by the pandemic. This included a request to government to revise the criteria of eligibility for the PST rebate from time of possession to time of contract signing (or permit).
As previously communicated, the PST Rebate Program for new home construction is set to end March 31, 2023. The current rebate program, introduced back in 2020, reduces the PST burden by up to 42% on the construction value up to $350,000, which slides to $0 rebate at $450,000. Eligibility for the rebate has been based upon the buyer taking possession of the home by the March 31 deadline. The eligibility criteria have presented a particularly unique challenge due in part to the many issues that have emerged over the past two years, including supply chain and labour market challenges, which have contributed substantial delays in construction times and subsequent possession dates.
We are pleased to share that the Provincial Government announced today that they have approved an expansion to the eligibility for the PST Rebate Program so that “Buyers are able to qualify by signing a contract for the purchase of the home before April 1, 2023, for which the new housing start is complete before April 1, 2023. Under the expanded criteria the buyer must take possession of the home before April 1, 2024. A new housing start is defined as when the concrete has been poured for the whole of the footing around the structure, or an equivalent stage.”
We look forward to continuing our discussion around PST on new housing at our meeting with The Honorable Donna Harpauer, Deputy Premier and Minister of Finance later this month.
For the full news release, please click here.
Kirsten Szwydky | Marketing & Communications Coordinator
The Saskatoon & Region Home Builders’ Association (SRHBA) is the professional association representing approximately 245 companies involved in the housing industry and provides the only certifications available for professional home builders and renovators.
It is the expert voice focused on improving affordability, quality and choice of housing in Saskatoon and Region, and works collaboratively with stakeholders and governments to get there.
For more information, visit: www.saskatoonhomebuilders.com.