trading boats

[lookinforwalleye]

Just wondering if two parties got together and traded boats if there would still be taxes involved? I am sure the gov will get there pound of flesh somehow but just wondering if anybody has the correct answer?

[Terry]

if no money is exchanged then there should be no taxes

[misfish]

Thanks for asking. I maybe in this dilema.

[jedimaster]

When you trade cars you stil pay taxes on the book value even if you have not traded any cash. As for boats, I can't say I have ever had to pay taxes on a used boat, and I have always regeistered them.

[Terry]

When you trade cars you stil pay taxes on the book value even if you have not traded any cash. As for boats, I can't say I have ever had to pay taxes on a used boat, and I have always regeistered them.

 

when you trade...in a car or boat on a new one you don't pay tax on the valve of the trade in..I can't see it being any different on a boat

when I traded trailers, I also didn't have to pay tax

[jedimaster]

If I have a car and you have a car, and we trade them you WILL pay taxes on the value of the car you are getting when you transfer the ownership. I can guarantee this.

[pikeguy]

its just like getting a car for free if you are not family you pay tax.

[Terry]

you are right I just checked

 

things keep changing and not for the better

so 8% tax I guess

 

 

Trade-ins

Private purchases may include exchanging or trading motor vehicles. RST is payable on the fair market value of any passenger car, van, motorcycle, or light truck that is acquired as the result of an even trade, trade-down or trade-up. The fair market value is not reduced by the value of the motor vehicle accepted as a trade or exchange. Any other taxable goods purchased along with a vehicle are subject to RST at the time of transfer.

 

 

[spooner_jr]

For a boat, you will pay HST (13%) on what you state you paid for it. If it was a trade, tell them you got it for nothing. There is no valuation guide for boats like there is with vehicles, so there is no minimum tax you have to pay.

[jedimaster]

For a boat, you will pay HST (13%) on what you state you paid for it. If it was a trade, tell them you got it for nothing. There is no valuation guide for boats like there is with vehicles, so there is no minimum tax you have to pay.

 

 

Thats good info, I wasn't too sure about that part. All I knw is I have never had to pay tax on a used boat that I bought.