New home
buyers get some &
GST relief

Since January 1, 1991,
when the Goods and
Services Tax was

introduced, new home
buyers have been required to
pay 7~ GST on the full value
of their purchase. But there is
some relief for these buyers,
depending upon the purchase
price.

Homes priced under
$450,000 and used as a
primary place of residence will
qualify for the on-going
rebate for new housing, be it

detached, duplex, row
house, mobile. hame or
residential condominium.

Purchasers of a property
priced up to $350,000 will
qualify for the maximum
rebate of $8,750 or 36% of
the GST paid on the purchase

price, whichever is less.
Since the $8,750 figure is
2.5% of $350,000, a
purchaser is really paying the
GST at a rate of 4.5% ona
$350,000 home instead of
7%.

To caiculate your under
$350,000 rebate, consider
the purchase of

a $100,000 home. The GST
payable would be $7,000,
When 36% of $7,000 is
calculated, It is $2,520 - the
smaller amount which must be
claimed. The GST rebate, in
this case, would be $2,520.

For homes priced between

$350,000 and $450,000 the.

rebate is

gradually reduced, and after
$450,000 in price, no rebate
is offered. -

The formula for this sliding
rebate i is .

AX ($450,000- B)
$100,000

A is $8,750 or 36% of the
GST paid, whichever is less. B
is the purchase price. in other
words, if a $400,000 home
purchase is made, GST at 7%
would be $28,000, Because
36% of $28,000 is $10,080

you must use $8,750 as “A®.

from builders, REALTORS or
any Revenue Canada Excise
office, also requires a legal
description of the property
and date of possession or
transfer of ownership. ©

In case the rebate is not
paid or credited by the
bullder, you, as the purchaser,
have four years from the day
ownership of the home was

transferred to you to claim:

the rebate directly from
Revenue Canada, Customs
and Excise,

| ua Ea

Le MK. RE 7K ee TEAK RE RE RE REMAN

w .

s© PACIFIC HEIGHTS =f

ao
B Re/Max of Terrace 1 MOVE... To your future. Eg
congratulates Fe

2 or 3 Bedroom Units ra

John Evans 11/2 Baths =
on his RV Parking Be -

« . Neutral Decor -
Outstanding ‘Executive Quality - e
Achievement” $109,500 - $11 6,000 =.

N
for the month of June. In recognition of this
accomplishment, John is pleased to make &
this month's donation to the Terrace Search FF:
7 a Rescue, .

WE WORK TOGETHER za ,
FOR YOu
Joyce Findlay Shella Love
635-2697 635-3004

a1 EE REMIX

| OF TERRACE
638- 1400

= NW:

boeins bg AS oR

because it Is the smaller’ Fam

amount. In this case the
rebate calculated would be
$8,750 % ($450,000 - $400,000)
$100,000

= $4,975.

When you take possession
of the home or ownership is
transferred to you, the builder
can either pay the rebate
diractly to you or deduct it
from the GST you awe on the

purchase of the home. Both

the bullder and purchaser will iar”

complete the GST New gaam
Housing Rebate form, stating §

john ¢ Currie would like to congratulate

Joe Ventura
on his recent purchase of NRS Pruden & Currie (1976) Ltd.

Congratulations Joe

from all the staff: Joy Dover, Dave Reynolds, Suzanne
Gleason, Derick Kennedy, Ron Redden, Wanda Walberg,
Linda Levesque and Sureena Parmar.

Mr. Ventura is confident in the NRS system of marketing
real estate and will continue to offer top quality service.
National Real Estate Service has the experience, the
expertise and the right marketing plan to assist you with all
our buying and selling needs.

NRS VENTURA REALTY (1994) LTD.

4650 Lakelse, Terrace 635-6142 FAX 635-4628

ater tee tnt

the rebate was either paid to |Iius
the purchaser or deducted |g
from the GST paid on the |
home. The form, availabie iim

LOTS & ACREAGE

Dobble St. lot $29,500
Old Remo Rd.- 160 acres $199,000

2733 CENTURY
$138,500

How can you advertise
your Ski Cabin in

| cambBent RNER Dutch Valley -2 acres $129,000
and 108 more BC & Yukon Robin Rd.-tacres $28,000

gag wecouetroneen

community newspapers 4140 STRAUME ida » SHING LODGE :

Alljust for $2357 ennats seed RISE ist Ave. & McBride «2 lots $34,500 srepot solaHat Wa
That's over 3,000,000 readers. Beam Station ot $22,000 1 ; = REVENUE BUILDING LOT
th Beam Station lot $25,000 | ong. is ent tot tas
he ‘. "| frantage on Clinton Street and
Network Classified Ad| | nated io Hazelton acreage $19,500 a Oe Laois A, pas ley
1988 QUEENSWAY ALL 021 CRESCENTVIEW 36,500 MLS Call Joy or Wanda
sos sieves Johns Rd. lot $16,000 +108 500- EX $36,500 MLS C. I oy Wand.

If you're BUYING,
SELLING, or simply
TELLING,

It pays to spread the word.

For more Information
call this newspaper af:

STANDARD

4647 Lazella Ave. Teuace John Currle ” Joy Ddver -. Dave Reynolds Suzanne Gleason Derick Kennedy Wanda Walberg Ren Redden ;
PHONE 638-7283 [0 ER 635-9598 635-2946 635-3126 638-8198 635-3042 638-1915

798-9534