Province announces HST rebate program for new rental builds

The provincial government has announced an HST rebate program for new rental builds in an effort to help create more housing for Islanders.  The program will provide a full rebate of the provincial portion of the HST (10 per cent) on qualified rental housing projects up to a maximum of $35,000 per unit. The construction must have started on or after September 14, 2023 and must be completed by the end of 2028 to receive the full rebate.  Projects that reach completion after 2028 will qualify for only a portion of the rebate until 2035. The tax rebate will be capped on the first $350,000 in value per unit.  The province says the program will be reviewed in three years to determine if it is addressing housing challenges.