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A recent analysis indicates that first-time Canadian homebuyers could see significant financial relief through the federal government's plan to waive the Goods and Services Tax (GST) on new home purchases. This initiative is part of the Affordable Housing and Groceries Act (Bill C-56), which aims to reduce the GST on new residential rental developments and enhance competition in the grocery sector. The GST relief is expected to save eligible buyers up to $240 per month on their mortgage payments, making homeownership more accessible.
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