HST: HST On $1million New Principal Home?

Rule 1: At $450,000 and above, Federal HST Rebate = 0.

Rule 2: Maximum Provincial HST Rebate = $26,250.

So, for $1million new home:

Federal HST Rebate = 0
Provincial HST Rebate=5% of $1,000,000=$50,000 becomes maximum $26,250

 New Home Price:                                                                         $1,000,000
12% HST on new home $1,000,000                          $120,000

Rebate: Provincial:         5% of home $1,000,000 = $26,250
             : Federal: at $450,000 & above, zero out  =         0
Total Rebate:                                                          $26,250

Net HST on New Principal Hm $1,000,000 ($120,000 - $26,250) $93,750
New Home Price + Net HST                                                        $1,093,750