GST Holiday for Apartment Builders Will Cost $1B More Than Initially Estimated: PBO

Published on May 10, 2024

A GST holiday for apartment builders will cost around $5.8 billion, compared to the federal finance department’s initial $4.5 billion estimate, according to the Parliamentary Budget Office (PBO). “The fiscal cost of the enhanced GST rebate depends on the number of units constructed and the value of these units,” wrote analysts in the PBO report, which was first obtained by Blacklock’s Reporter. “There is a large amount of uncertainty regarding these factors.” Bill C-56, An Act To Amend The Excise Tax Act, introduced a GST holiday on new “purpose-built rental housing” constructed by 2036. The department of finance told the Senate national finance committee last October that the tax break would cost around $4.5 billion over the next five years....

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