Can you still purchase a vehicle from someone for $1?

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Nobbie48 - First of all, it's not few dollars in most cases. I am not wealthy personally, maybe you are. $130 on every $1,000 you declare. $130 is 5 hours of my work before taxes.

Politicians are the people that screwed us in the first place with taxes on used items and the HST.

And why do you assume that everyone's lying? My friend gave me his car for a year because I needed it, I am giving it back to him soon. I put $1 on the bill of sale and so will he. Older vehicle, no wholesale. So in your eyes we should both pay taxes on the actual value of the car? Really?

As for the future - I am not worried. Ever hear of vehicle appraisals? Well, they take precedence over the wholesale value listed on the UVIP.
 
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DemonPig said:
Nobbie48 - First of all, it's not few dollars in most cases. I am not wealthy personally, maybe you are. $130 on every $1,000 you declare. $130 is 5 hours of my work before taxes.

Politicians are the people that screwed us in the first place with taxes on used items and the HST.

And why do you assume that everyone's lying? My friend gave me his car for a year because I needed it, I am giving it back to him soon. I put $1 on the bill of sale and so will he. Older vehicle, no wholesale. So in your eyes we should both pay taxes on the actual value of the car? Really?

As for the future - I am not worried. Ever hear of vehicle appraisals? Well, they take precedence over the wholesale value listed on the UVIP.
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I don't disagree with the ripoff factor. A vehicle can raise more money for the government that it does for the manufacturer, especially if it's a lemon that people dump in a year.

My point is to be discrete. A blatent lie insults a person's intellegence.

Apraisals are all and good but they are inconvenient and not free.

I'm just saying try not to poke a sleeping dog.
 
I understand your concern and I do agree that it is possible that the free ride will end eventually. Still, motorcycles are a niche market and I doubt they raise much attention when car registrations generate probably 1,000 fold more money.
At any rate, I'm not overly worried. Meanwhile, I have saved a ton of money. So far, I've owned 5 bikes and 6 cars.
 
It also depends on the age of the bike. I cannot remember if it's 20 or 30 years, but anything older than that will need an appraisal, if the agent is paying attention. I just went to a different Service Ontario and they didn't notice the age.
 
So OP how did your experience go?
Did you list it at for $1?
Did they ask for the bill of sale or made any later on phone calls?
 
AMAZIN- said:
So OP how did your experience go?
Did you list it at for $1?
Did they ask for the bill of sale or made any later on phone calls?
Click to expand...

I'll let you all know in the coming month! Hasn't been nice out to drive around on it yet. Never been on his bike so I may not like it.

I appreciate all the feedback people have left though!

Sent from my Galaxy Nexus using Tapatalk 2
 
I have researched this in depth and recentley took possession of an 85 Yammie with a"substantial" value through a straight swap. On the UVIP there is a section showing taxation value and that is their guidline. On bikes older than 25 there is a zero value showing but that does not exempt you from paying tax as the ministry assumes any vehicle being registered has as a minimum worth equal to scrap value. They take that to be $100 and they are looking for their $13. Pay that and they are happy.

Contrary to popular belief, appraisals on bikes are not required but many of the Service Ontario offices are wrong about this. If they ask for one tell them to call MTO on their direct line.

Putting down $1 is likely to raise some flags.

spyug
 
Like it was already covered by a few members here, clerks at MTO go by current market value.
If your declared sell price is higher than what their book says - they are not going to make a sound.
If it's lower however, they will apply current market value for that make/model regardless of your paperwork says.
 
AL3RT said:
Like it was already covered by a few members here, clerks at MTO go by current market value.
If your declared sell price is higher than what their book says - they are not going to make a sound.
If it's lower however, they will apply current market value for that make/model regardless of your paperwork says.
Click to expand...

Wrong, there is no book value for motorcycles at all.

Sent from my SH-02E using Tapatalk 2
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