transfering bike from brother to me for $1

L

LiNK666

Well-known member
Forum Sponsor
I transferred my bike to my brother's name about 2 years ago from my dad, but we never transferred it back to me.

I want to get it back under my name so I can start riding again.

All I have to do is have my brother sign a bill of sale for $1 and I won't get taxed right? I don't remember how it went with bikes, but I know I can't do this with car.

Any advice is appreciated.
 
You won't have to pay retail sales tax.
You can transfer ownership without paying the retail sales tax when receiving a vehicle from a:

  • spouse
  • parent or step-parent
  • grandparent or step-grandparent
  • son or step-son
  • daughter or step-daughter
  • grandson or step-grandson
  • granddaughter or step-granddaughter
  • son-in-law
  • daughter-in-law
  • father-in-law
  • mother-in-law
  • sibling
  • half siblings (siblings with a common parent)
  • adopted siblings (siblings with a common parent through adoption), or
  • siblings-in-law (siblings of a spouse or spouse of a sibling)
Click to expand...

Check the link TwistedKestrel posted above, bring the required documentation with you when you visit the ServiceOntario centre.
 
LiNK666 said:
I transferred my bike to my brother's name about 2 years ago from my dad, but we never transferred it back to me.

I want to get it back under my name so I can start riding again.

All I have to do is have my brother sign a bill of sale for $1 and I won't get taxed right? I don't remember how it went with bikes, but I know I can't do this with car.

Any advice is appreciated.
Click to expand...

You and your brother go down to the mto and tell them that he is giving the bike to you. You are then required to sign a sworn statement saying its true, cost is something like 20 bucks, and its handed over to you without the tax.

You are allowed 1 transfer like this per year.
 
Paul1000RR said:
You and your brother go down to the mto and tell them that he is giving the bike to you. You are then required to sign a sworn statement saying its true, cost is something like 20 bucks, and its handed over to you without the tax.

You are allowed 1 transfer like this per year.
Click to expand...

Or, he can hand his brother a dollar for the bike and save a bunch of paperwork and money. If he actually hands him a dollar it is perfectly legal.
 
silverbullet132 said:
Or, he can hand his brother a dollar for the bike and save a bunch of paperwork and money. If he actually hands him a dollar it is perfectly legal.
Click to expand...
A sale requires the UVIP which is $20 anyways, isn't it? Just transfer between family.
 
I gave a motorcycle to my brother in law.
The paperwork wasn't any more than selling it to him would be.
No uvip or tax was required.
We just went in and asked the clerk nicely, at an office that wasn't busy, and she walked us through the process.

He did have to pay his outstanding tickets though, so you might keep that in mind.
 
I transferred a pickup to me from my father. I told the girl at the counter and she saw the last names were the same, so she never charged me tax.
 
Are you willing to sell me that bike for $1?
I pay cash bro
 
Thanks for the info. I'll go there with my brother and see if we can transfer it. If they make a hassle we'll make a bill of sale etc...
 
I'm surprised to see the rules changed which is good. Last time we did this we went through dad to my brother about 3-4 years ago.
 
NTGUILTY said:
You won't have to pay retail sales tax.


Check the link TwistedKestrel posted above, bring the required documentation with you when you visit the ServiceOntario centre.
Click to expand...

Agreed 100%. That's the way to go.

I did exactly that last year when my folks decided to downsize and gifted one of their vehicles to me. Other than the usual transfer fees I didn't pay a cent in sales taxes.
Forum Sponsor
 
You must log in or register to reply here.
Back
Top Bottom