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aN CLASSIFIED ADVERTISING VOL.2 No.12 - FIRST CHOICE REAL ESTATE - TUESDAY, DECEMBER 4, 1990 Published weekly by the Port Perry Star An international network of independent meminy brokers. | | | REMAX scugog realty limited 144 QUEEN ST. - PORT PERRY - 985-4427 Fe RE/MAX sc LOTS OF YESTERYEAR CHARACTER Overlooking Lake Scugog and situated on 1.7 acres, this original Stephenson's Point home used to greet numerous guests to the Port | Perry area. This home boasts a 12 x 27' separate dining room, 4 bedrooms, 2Y2 baths, den, screened porch, main floor laundry room and much more. This home was extensively redone and must be seen to be appreciated. The owner has been transferred and requests an offer. Asking $289,900. Call and ask Guy Latreille for further details. YES, YOUR DREAM CAN COME TRUE Beautiful Port Perry 4 bedroom sidesplit home with over 2300 sq.ft. of family living. Features include fabulous eat-in kitchen with walkout to large deck, dining room, main floor family room with fireplace, large master bedroom with ensuite and walk-in closet, energy efficient gas furnace and double garage, exceptional executive style home with many upgrades and extras on over 1/2 acre lot. Vendor transfer. Take advantage of this excellent value - Asking only $256,500. For more information or appointment call Ken Middleton. For more information on these properties call 985-4427. GST applied to new homes after January 1, 1991 If you're in the market for - a new home, you should keep in mind that Federal Sales: Tax will be a thing of the past after January 1, 1991. It will be replaced by the Goods and Services Tax (GST). ; Although the new tax will be collected at a rate of seven per cent on the sale price of goods and services, it doesn't apply to every type of home or every form of real estate service. The following information outlines how the new tax will work in the housing market. New Homes When you buy a newly constructed home, con- dominium or townhome, the entire purchase price -- in- cluding the land -- is tax- able. In southern Ontario, where land values are par- ticularly high, new home buyers will end up paying significantly more GST than the Federal Sales Tax it replaces. If you want to rent your new property to tenants, the full seven per cent GST is charged on the purchase price. However, if the home is going to be your primary For homes costing $350,000 or less, you will receive a rebate of 36 per cent of the GST paid --- to a maximum of $8,750. This means you pay approx- imately 4.5 per cent GST (not seven per cent) on the purchase price. Resale Homes You don't have to pay GST on the purchase price of a used residential home. In other words, the pur- - - chase is exempt from GST. Revenue Canada defines "used residential property" to include an owner- occupied house, con- dominium, apartment, summer cottage, vacation property or non-- commercial hobby farm. They refer to "used" as residential property that was occupied as a residence before you bought it. Used property can also mean a recently built house that is substantially com- plete and has been sold at least once before you buy it. For example, if a new house is purchased and resold before being occupied, the home's resale price will normally be exempt from GST. residence, it may qualify An owner-occupied home for a partial GST rebate, is considered a residential depending upon the sale my Turn to Page 4 a RD he Poul Devry Slay READ EVERY WEEK BY OVER 20,000 PEOPLE IN THESE COMMUNITIES : * kK * ASHBURN - BLACKSTOCK - BROOKLIN CAESAREA - COLUMBUS EPSOM' - GREENBANK - JANETVILLE LITTLE BRITAIN - NESTLETON PORT PERRY - PRINCE ALBERT SEAGRAVE - SUNDERLAND - UTICA UXBRIDGE and surrounding hamlets & villages.