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

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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