buying used and the tax.

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2WET said:
Yes you can tell them you bought it for $2500 instead, and still pay a hefty $260 in taxes uvip etc. the tax used to be reasonable of 5% and now its 13%, the government get **** my *** some other way, plus like the rider above if its used the government has already milked that one bike 1/3 to half of its value depending on how many previous owners. The only thing is if you get insurance you will only get back the value of $2500 or what you paid tax on at the mto incase your bike gets stolen or accident.

if your bike is $5000 or more, then i'd say you bought it for $4000 etc, because then as the price goes higher you loose more then save in the long run incase something happens to bike, if under $5000 do as you please.

Also, recently read, Canada is the 6th richest country in the world right now, so yea buddy do what ya want! our government has enough money to make rap videos slicing 1000 dollar bills in the air.
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o rly? well next time I'm going to say i paid 100k for the bike, pay the 13,000 in taxes, then when it gets stolen i will get 100k back! makes sense, amirite
 
kellen said:
o rly? well next time I'm going to say i paid 100k for the bike, pay the 13,000 in taxes, then when it gets stolen i will get 100k back! makes sense, amirite
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LOL


OP you can declare $0.01 for the bike, they wont say anything. Just make sure the seller knows how much is being declared. Insurance will give you what the bike is worth at the time of the claim...they dont care how much you paid for it.
 
frugalman said:
hi all.
i am wondering about how to lower the tax when buying a used bike?
lets say the bike is sold for 4500 cash.

how do i minimize the tax that i going to pay?

thanks
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Get them to write the bill of sale out for much cheaper with "AS IS" on it. Otherwise the MTO might question the value of the vehicle. If they see "as is" on the receipt they may assume it has some damage, hence the reduced the price.
 
stormcat said:
...the MTO might question the value of the vehicle.
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What would you say if they did question the value? My biggest fear would be they ask me why it's so cheap, and I'd say something on the spot to get me into more trouble.

Wouldn't it be a problem saying it's because it's damaged if you're trying to transfer it and register it as fit?
 
raydowe said:
What would you say if they did question the value? My biggest fear would be they ask me why it's so cheap, and I'd say something on the spot to get me into more trouble.

Wouldn't it be a problem saying it's because it's damaged if you're trying to transfer it and register it as fit?
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you BOUGHT it damaged. "fixed" it up, got it certified and now it's all gravy. ;)
 
raydowe said:
What would you say if they did question the value? My biggest fear would be they ask me why it's so cheap, and I'd say something on the spot to get me into more trouble.

Wouldn't it be a problem saying it's because it's damaged if you're trying to transfer it and register it as fit?
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Are the taxation goons gonna knock on your door demanding answers??

[insert the sound of someone beating a ham against your door]
- Who is it??
- Tax goons!!
 
Interesting. I would have thought the fact that you didn't register it as UNFIT immediately after "buying it" would throw up some red flags.

I guess it's possible to buy a bike that "wont start" for $200, throw in a $50 battery, do the safety, and register it all within a few days.
 
caboose483 said:
Are the taxation goons gonna knock on your door demanding answers??
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Not worried about the door, just the registration office.

I'm not trying to argue that anyone shouldn't do this, I just have no experience registering vehicles. I was worried that when I went to register a bike I paid $3 for, they might have some questions for me that I wouldn't have answers for.
 
raydowe said:
Not worried about the door, just the registration office.

I'm not trying to argue that anyone shouldn't do this, I just have no experience registering vehicles. I was worried that when I went to register a bike I paid $3 for, they might have some questions for me that I wouldn't have answers for.
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Well the last truck I bought I had to pay 312$ in tax and the girl that was helping me said it was stupid I had to pay that much, considering the G man already got the tax from the first sale.

Do you think they're paid enough to care how much you paid for a vehicle? Really.
 
PST office used to send random letters asking the seller how much they charged for a vehicle on private sale. Trying to catch those who changed the amount on their bill of sale. I haven't heard yet if HST is doing the same.
 
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