[Global IDT Insights] Canada Removes GST on Homes Under $1M for First-Time Buyers

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  • Last Updated on 30 April, 2025

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Editorial Team – [2025] 173 taxmann.com 935 (Article)

The Canadian Government will eliminate GST for first-time homebuyers purchasing homes priced at $1 million or less. This measure will provide savings of up to $50,000, helping more young Canadians and families enter the housing market and achieve their goal of homeownership.

By removing the GST, Canadians will benefit from lower upfront housing costs and retain more of their income. The elimination of the GST is also expected to boost housing supply by encouraging the construction of new homes across the country.

Russia Announces Relief for First-Time VAT Filers

Russia will not impose penalties on entrepreneurs filing their first VAT declaration in 2025 under the simplified tax system. The measure supports businesses transitioning to VAT after crossing the 60 million Ruble revenue threshold.

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied