60/ JUNE 2010 THE RIDER
By Teri Davidson.
“Clearly... This Is Not Clear” The New HST Tax
The new Ontario Harmonized Sales Tax is effective July 1st, 2010.
Funny.. the word harmonized paints a pretty picture of peacefulness and everyone getting along , doesn’t it? Whomever though up the word harmonized for this new tax is a genius for using a word that makes us picture harmo- ny.
Horse Farm For Rent
Located at corner of Bloomington Side Road and Warden. Approximately 40 stalls, riding arena - 75’ x 160’. 3 Bed- room house. Viewing by appointment only. Coming Available June 1st.
Our governments prospective with the implementation of this new tax is we need to fund more and more services and how will they come up with the money? More importantly, their belief is if we want these benefits , we shouldn’t complain about the need to provide the funds to pay for these services.
The down side is the tax will increase the cost of certain items.
Upside is that it will create credits were there were none before.
HST is already implemented in New Brunswick, Nova Scotia and Quebec. Basically if you understand the GST taxa- tion and how it applies you will have a good understanding of where HST will become applicable.
ject to HST unless you’ve renovated the home to the extent that 90% of the home is now brand new. This no tax for used residential is also inclusive of duplex’s , triplex’s all the way up to huge unit apartment buildings. Farms will be taxed with HST on the land value of the sold acreage the same way GST is applicable now only bear in mind that the land value will be taxed at 13% as opposed to GST which was 5%.
Excise Tax Act whereby the registrant will pro- vide his prescribed form explaining he is regis- tered under the Excise Tax Act.
Some good news. There is only one form now and in most cases no PST anymore. What this means is the consumer who used to write off his GST can now write off the whole HST amount when he could not write off PST prior to July 1, 2010.
However most farmers have a farm registrant number obtained from the government and then what happens is the tax applicable becomes a wash on closing. The Seller of the farm is responsible for collection of GST (now HST) so his solicitor on closing will want either the monies owed or the new purchasers farmer reg- istration number for HST purposes. If you pro- vide the number then no tax is submitted just your tax number. In order to get a farmers HST registration number you must be deriving an income of at least $7,000. a year from an agri- cultural source ie. growing hay, selling live- stock etc.
Phone Res: (905) 649-2812 or (905) 640-7119
On all services...easy to understand. There- fore lawyers fees, real estate commissions, appraisals and home inspections, fire inspec- tions and mortgage insurance premiums. Ser- vice calls on any household items for repair or maintenance, sale of commercial properties and vacant land sales. Etc.
Because I am a real estate broker I will deal with the real estate end of HST.
Circa 1840 Fieldstone home on 17 Acres between St. george and Troy.... a real find!
originality of wide pine floors, high ceilings, deep window sills and ornate plaster mouldings as well as replicated authenticity of the old clawfoot tubs, pedestal sinks and toilets, original hardwares and light fixtures and wide baseboards and trims give this home a step back in time feeling. Four bed- rooms, three baths. Pot lights, slate and marble floors with granite counters and ornate gas fireplace enhance the wonderful new kitchen , eating area and family room all one big huge addition added to the original home in 2005. Fench doors to flagstone patio, mature gardens, perennials and gaze- bo. Board and batton outbuilding. Fenced pastures. $699,900. Call Teri to view 519-758-7307. See pictures at www.venturehomes.ca
Horse Hobby Farm & Boarding business
Near Ingersoll, this long established country home and business is being offered for sale after 42 years of operation. Ten year old 18 box stall and indoor arena barn. Older foaling and broodmare barn with six box stalls. Outdoor sand ring perfect for horses hows and training. Judges booth. tack shop sells horse related items. workshop. Cute 3 bedroom home which is open concept and easy to maintain. New siding and windows. house and barns set back 800' feet from quiet side road location... safe for small children and pets. Great way to live and earn an income! $484,900. Call Teri to view. 519-758- 7307. See pictures at www.venturehomes.ca
Executive All Brick 1 1/2 Storey home beautifully appointed with trayed beamed nine foot ceilings, pot lights, hardwood and ceramic floors , a beautiful extra large kitchen with centre island, main floor laundry, main floor office, formal separate dining room with
cathedral ceiling and open stairway to the upper three bedrooms. master with ensuite. picture perfect views through the oversized windows. Three car garage. Fenced pastures and paddocks. Run -ins for livestock and big pond. Near Hagersville. $639,900.
Complete Pri- vacy and Seclusion
Complete Privacy and Seclusion with this 50 Acre property just east of St. George. House is set one mile back down a long tree lined winding drive way that crosses a wide
beautiful creek, natural waterfall and perfect fishing spot that is one of the water features of the farm. Rolling treed hills and valleys as well as open fenced pastures and fields for horses, cattle or sheep.ci
rcular driveway brings you to the front door of this sprawling brick ranch with double garage, in ground pool and big enclosed gazebo with bar area all overlooking trout and bass filled pond. Four
bedrooms inside, big fieldstone fireplace for those cold winter nights when you can curl up in front of the fireplace and look out through the big windows as the snow covers the mag- nificent scenery.Kitchen offers lots of oak cabinets. ensuite bath features a big all glass shower. sunken living room. a seldom avail- able type property. Come see! Call Teri for more details or to view! 519-758-7307..
See picture of these properties at www.venturehomes.ca
under Teri's Listings.
Call Teri Davidson, Broker/Owner,
Associate Realty Brantford Inc. 519-647-3330
For more details, pictures, and terms,
. Auctioneer: Jantzi Auctions Ltd. Wellesley 519-656-3555
Used residential real estate will not be sub-
More good news. The budget of March 2009 , contemplates providing a once only credit to businesses of up to $1,000. where the business has less than$2,000,000. In annual revenues from HST taxable sales. Single par- ents and couples with incomes of less than $160,000. will be entitled to a payment of $1,000.00 and single individuals earning less than $80,000.00 will be entitled to receive a one -time payment of $300.00. low income families with an income of less than $25,000 with receive a further $260.00.
New house builders currently have the GST applicable tax built into their price on their new homes offered for sale and the buyers sign a form when they purchase that the gives any rebate of the tax back to the builder. This will work the same way with the HST. Of course realistically the house price will be higher because now the builder is having to build in an even higher amount because of the higher per- centage used with HST tax. Remember if the new home is not going to be used as a primary residence and instead is an income property or investment then there will be no rebate to the builder and the cost to the purchaser will there- fore increase.
Teri Davidson is Broker/Owner of Associate Realty in Brantford, Ont. Teri has been a licensed saleswoman and broker with the Brantford Regional Real Estate Association for almost 34 years. Teri and her family also own and operate “White House Farm” in Ancaster Ontario where they raise registered AQHA and APHA quality horses. Also a new venture ....AKC Registered King Sized Long Haired Old Fashioned German Shepherds. See these on the farm website. www.whitehousefarms.info
Chattels are also HST applicable. So if you are buying a farm and including the sellers trac- tor, lawn mower or any other equipment then the value of all inclusions is 13% taxable. Commercial real property purchases are also entirely HST applicable however it is one of the costs or expenses you can write off of any income derived from the ownership of the property. Or it may become a wash under the
HORSE FARM & EQUESTRIAN CENTRE PROPERTY AUCTION
To be held at 4272 Watson Rd south RR #1, Puslinch for Amarna Farms Inc. on: Wednesday June 30 at 7:00 PM
Consisting of and including: impressive and gorgeous 100 acres of fenced pasture land; 2 large horse barns equipped with state of the art matted stalls; wide aisles; heated viewing lounge; tack room with lockers; laundry facilities; 2 large indoor arenas; 2 outdoor sand rings; large implement shed; primary residence includes a 6 bedroom stone house completely renovated; secondary residence – 2 bedroom bungalow; and a 2 bedroom apt in the bank barn;
Note: A great investment with boarding contracts in place and tenants income. It is one of the most impressive equestrian centres in Eastern Canada situated minutes from the 401 and approx 20 mins from Toronto.
| Page 2
| Page 3
| Page 4
| Page 5
| Page 6
| Page 7
| Page 8
| Page 9
| Page 10
| Page 11
| Page 12
| Page 13
| Page 14
| Page 15
| Page 16
| Page 17
| Page 18
| Page 19
| Page 20
| Page 21
| Page 22
| Page 23
| Page 24
| Page 25
| Page 26
| Page 27
| Page 28
| Page 29
| Page 30
| Page 31
| Page 32
| Page 33
| Page 34
| Page 35
| Page 36
| Page 37
| Page 38
| Page 39
| Page 40
| Page 41
| Page 42
| Page 43
| Page 44
| Page 45
| Page 46
| Page 47
| Page 48
| Page 49
| Page 50
| Page 51
| Page 52
| Page 53
| Page 54
| Page 55
| Page 56
| Page 57
| Page 58
| Page 59
| Page 60
| Page 61
| Page 62
| Page 63
| Page 64