This has become almost as popular a topic as which oil. Yes, you can lie. Yes, the chances of getting caught are small. Yes, the chances do exist.
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MOTORCYCLES TAXES
- Thread starter xinfamousx
- Start date
Why? If the seller is on the same page this is irrelevant.
$700 ??? You crazy????, even $250 will work, not saying ive done that
Trials
Well-known member
Dear Abby: Can I cheat on my taxes?
Dear Cheater: Yes, or you could be fined 200% of the monies you evaded, be subject to legal costs, collect a criminal record for life and go to jail for up to 5 years.
But wait, he only cheated the government out of 520$ in sales tax :/ heck, that's not a lot,
they wouldn't dare throw somebody in jail for that, would they?
No but we caught him red handed with intent! What else was he willing to cheat on in the last 3 years?
Put him on the sh*t-list and we can have our auditors pay his whole family a visit once the pandemic is clear.
Can I cheat on my taxes? Dear Cheater: Yes, or you could be fined 200% of the monies you evaded, be subject to legal costs, collect a criminal record for life and go to jail for up to 5 years.
But wait, he only cheated the government out of 520$ in sales tax :/ heck, that's not a lot,
they wouldn't dare throw somebody in jail for that, would they?
No but we caught him red handed with intent!
What else was he willing to cheat on in the last 3 years? Put him on the sh*t-list and we can have our auditors pay his whole family a visit once the pandemic is clear.
$200 vs. $700. Do you want to go to Service Ontario and roll a 2 or a 7 then try to match it on your next roll of the dice?
I got a receipt for the price I paid on my bike then paid the taxes on that. My receipt was from "the Estate of _______" though. More than me and her involved in the transaction? Not worth the aggravation/worry. They boxes of spare parts that went in the trailer were worth 10x what I paid in taxes, so I couldn't complain.
I got a receipt for the price I paid on my bike then paid the taxes on that. My receipt was from "the Estate of _______" though. More than me and her involved in the transaction? Not worth the aggravation/worry. They boxes of spare parts that went in the trailer were worth 10x what I paid in taxes, so I couldn't complain.
When i take the big dirt nap and the government rolls what is left of my cpp contributions into their handy slush fund,there won't be any guilt whatsoever that i cheated on the purchase of a couple of bikes.NONE!
They will take about $15,000 out my estate anyway.
And still a proud tax paying Canadian.
They will take about $15,000 out my estate anyway.
And still a proud tax paying Canadian.
Yes, if you and the seller agree but there is this big paper trail that you gave him $5000, I'm sure it will be no big deal.
I dunno....you're asking for a lot. There's a lot of really stupid people out there.
ScorpionT16
Well-known member
The government won't look into how you paid, all they care about is how much. they don't have time to go into your bank, ask about drafts, get receipts etc... You can say you gave the $5k as a thank you or donation, and the $700 was for the bike. Innocent till proven guilty, and it's not worth the courts time.
Of the 2 used bikes I bought, both sellers were afraid the government would catch them and put them in jail for writing a lower figure (both sellers were 40+) The one guy I sold my last bike to, much younger, actually asked me to write down a lot on the Bill of sale. I was like, okay... IMO, paying taxes twice on an item is ridiculous and the buyer is being scammed, they rape you on insurance as it is. You pay income tax, tax on your interest, tax on your savings, tax on your retirement withdrawals, tax on your purchases, redundancy at its best.
The last car I bought, bought it of my sisters and transferred it tax free, wrote down $0.99cents on the bill of sale.
Of the 2 used bikes I bought, both sellers were afraid the government would catch them and put them in jail for writing a lower figure (both sellers were 40+) The one guy I sold my last bike to, much younger, actually asked me to write down a lot on the Bill of sale. I was like, okay... IMO, paying taxes twice on an item is ridiculous and the buyer is being scammed, they rape you on insurance as it is. You pay income tax, tax on your interest, tax on your savings, tax on your retirement withdrawals, tax on your purchases, redundancy at its best.
The last car I bought, bought it of my sisters and transferred it tax free, wrote down $0.99cents on the bill of sale.
Your sister can gift it to you for free.
I took my brother-in-law to the Ministry to transfer a bike to him, and they let me gift it to him.
Mind you, he had to pay a whole bunch for outstanding tickets.
You'd have to understand a little more about economics, to see why charging on used items makes sense.
ScorpionT16
Well-known member
I've also always paid in cash. Though last bike I got had a lien, so went with the seller to the bank, and cleared the lien with him at the bank, then paid him the balance, just to be sure.
Selling the bike I have now, I would like cash, though may go the E-transfer route to be safe vs handling all that cash, then lining up at a bank
ScorpionT16
Well-known member
Yes, we did go with the gift option, though had to write some value when transferring the ownership, so $0.99c it was. I believe you can only gift it once a year/per family member as well, cause I was looking at getting a new car later and gifting this to my parents, a no go, tax would have to be paid on full value or wait out the waiting period.
My understanding is that they do not have book values (like they do for cars) for motorcycles so they do not question (much) the stated bill of sale value. That being said some ridiculous low price could get you flagged.
Could burn you on insurance. Bike gets stolen or wrecked, but sir you only paid $700...
Could burn you on insurance. Bike gets stolen or wrecked, but sir you only paid $700...
ScorpionT16
Well-known member
I don't think insurance goes by what you told the ministry. They look at market value and compare, and when you get your quote they ask what the value of the bike is. I never got asked what I paid, so tell them the value. At least that's the way I've been doing it, the thought has crossed my mind before
JTR
Well-known member
When I bought my R6, I paid "$500" and another $1900 for a nice Yamaha jacket and a pair of stands, when I insured it, it was a $4000 bike. They said "really? $4000?" I said "yep, look up comps, they hold their value well." And that was that. I mean at the time, comps were in that neighbourhood, I bought it well as a flip. So that way if it was stolen or wrecked before I got a chance to flip it, I would still be whole. Eventually I sold it for "$500", and $2500 for a nice Yamaha jacket. I kept the stands.
Same goes with an older car, they have no book either. Looking at a $1400 car? Don't even have to ask for a phony receipt. Offer them $1000 for the wheels, if they'll take $400 for the car
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