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4 -- PORT PERRY § A GST does not apply on purchase of a resale home From Page 1 property when it's used primarily as your residence. So, if you are self-employed and purchase a resale home that includes a room used as an office, the entire home still qualifies for the GST exemption. However, if your owner- occupied home is not used mainly for residential pur- posed (for example, a retail store with a small apart- ment upstairs), only the residential portion is ex- empt from GST on resale. The non-residential portion of the purchase price is taxable. If you are planning to pur- chase a resale home, the seller can supply you with a certificate stating the pro- perty qualifies as "used" for GST purposes. As with most taxes, there are exceptions to the GST rules regarding resale hous- ing. For instance, most sales of real estate proper- ty by charities, non-profit organizations and other public service agencies are exempt from GST. Contact your REALTOR for addi- tional information. The Real Estate Transaction GST applies to most of the services provided in com- PORT PERRY'S LONGEST ESTABLISHED REALTOR 7 985-7386 REALTOR Toronto Line 686-3931 112 SCUGOG STREET - PORT PERRY - ONTARIO $127,000.00 SHIRLEY ROAD: #1 LOCATION, easy commuting between Oshawa & Port Perry. #2 LOCATION, country setting to bring up that young family, #3. LOCATION, truckers to park your flat bed truck etc. Three bedroom brick/aluminum bungalow, country kit- chen, hardwood floors, 200 amp. service. Call BONNIE STEELE 985-7386 or 985-3398. BLACKSTOCK BEAUTY: Have it both ways! Close to schools and recreational facilities in a rural setting. 3 year old all brick sidesplit in area of custom built homes, 3 bedrooms, double garage, on a high, dry landscaped 3/4 acre lot. Custom features include central air with heat pump, rec room with woodstove for those family gatherings. Overlook acres of the best farmland from your backyard for only $239,900.00. Call GLENN McCOY 985-7386 or 985-3063. OPEN HOUSE SUNDAY, DEC. 9th 12:00 - 2:00 P.M. DIRECTIONS: North West corner of Durham 2 and Hwy. 7, Manilla. BARGAIN HUNTERS! 3 bedroom, 2 storey on 81' x 198' lot with storage barn. $119,000.00. Call CHERYL HILL 985-7386 or 985-0718. SCUGOG ISLAND $139,900.00: 2 ! / plus 2 bedroom bungalow, main floor laundry, walkout to 40' x 9' deck, full basement, attached garage. Private lot 75" x 200' plus 1/6th share in deeded lot on canal. Call VALERIE HOFFMANN 985-7386 or 985-2526. a VALERIE HOFFMAN 100 ACRES NORTH OF UXBRIDGE: Original log house, 50 acres workable, 30 acres bush, balance pasture. Fantastic view, trout pond. Close to Highway 48. Priced at $369,000.00. Call JOHN WOLTERS 985-7386 or 986-4303. CHERYL HILL JOHN WOLTERS CANAL FRONT: neat as you please, upgraded throughout. 3 bedrooms, walkout from living room and dining room to decks, laundry room. Only $144,900.00. Call MARK SMITH 985-7386 or 985-3110. START OUT IN STYLE: Gleaming hardwood floors, neutral decor, at- tached garage and 2 year new drill- ed well on fabulous country lot. On- ly $149,900.00 for this 3 bedroom maintenance free bungalow. Call DEBRA-ANN TAYLOR 985-7386 or 985-8881. "EXECUTIVE HOME -- BLUE COLLAR PRICE:" 3 bedroom brick & cedar, 4 walkouts, 2 fireplaces, eat-in kitchen, lower level family room with barn, central air, mature treed lot in prestigious area overlooking Lake Scugog. Call today, on- ly $229,900.00. ERNIE DUNCAN 985-7386 or 986-0055 pleting the real estate tran- saction. For example, seven per cent GST is applied to the commission a REALTOR charges for facilitating a sale. The tax is paid by the person responsible for paying the commission -- usually the seller. REALTOR commissions are taxable even if the total GST owed is reduced by a rebate, or the sale of the property is exempt from GST. For example, if you sell a used home, the sale price is exempt from GST, but the REALTOR's com- mission is stil taxable. GST applies to many other services involved in "the real estate transaction. These include fees for ap- praisals, referrals, surveys and legal assistance. Again, GST is charged on these fees regardless of whether the house you purchase is exempt from the tax. One exception is that mortgage broker fees are exempt from GST if the fees are charged separately from any taxable real estate commissions. Addi- tionally, mortgages and in- terest on mortgages are GST exempt. When Payable GST is normally due and payable when the real estate transaction is com- pleted. This is usually refer- red to as the "closing date." * For buyers, GST owed on the purchase price of non-exempt property, as well as fees and commis- sions for professional ser- vices, is paid at closing. at closing. * For sellers, GST owed on fees and commissions for professional services is paid tion (OREA) ss ns A Lm PL re a i STIG " F8P COUNTRY LANE REALTY LTD. COLDWELL BANKER SUNDAY, DEC. 9th - 1 to 4 PM DIRECTIONS: West from intersection of Hwy. 7A and Durham Rd. 2 to Arrow Street, turn south, follow signs. SUNDAY, DEC. 9th - 1 to 4 PM DIRECTIONS: 7A east from Port Perry 1 mile to Island Road, north to Conc. 13, go east and follow signs. SAT., DEC. 8th - 1 to 4 PM SUNDAY, DEC. 9th - 1 to 4 PM DIRECTIONS: Go 1 block south of intersection of Hwy. 7A and Durham Rd. 2, turn west on Union Ave. to Lorne Street, follow signs. W. FRANK REAL ESTATE LIMITED SUN., DEC. Sth - 12:00 to 2:00 PM DIRECTIONS: North West corner of Durham 2 and Hw. 7, Manilla Your Hostess, Bonnie Steele 985-7386 a re R ST RL arheei This article is provided by local Realtors and the On- tario Real Estate Associa- Zi PRIME QUEEN STREET LOCATION IN DOWNTOWN PORT PERRY FOR LEASE work space. A RARE OPPORTUNITY to rent space on Port Perry's unique and charming Queen Street. Building is presently oc- cupied by the Port Perry Star, but will become available for the lucky new tenant February 1, 1991. Building consists of 2,500 sq. ft. of ground floor space, suitable for any type of retail store, restaurant or professional offices. A further 800 sq. ft. is available on the second floor accessible by an attractive open concept staircase. There is also a full basement, which would be ideal for storage or Interested parties may contact Peter Hvidsten at 985-7383 days, or 985-3089 evenings for further information or to ar- range for an inspection of building. 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