lookinforwalleye Posted June 28, 2011 Report Share Posted June 28, 2011 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? Link to comment Share on other sites More sharing options...
Terry Posted June 28, 2011 Report Share Posted June 28, 2011 if no money is exchanged then there should be no taxes Link to comment Share on other sites More sharing options...
misfish Posted June 28, 2011 Report Share Posted June 28, 2011 Thanks for asking. I maybe in this dilema. Link to comment Share on other sites More sharing options...
jedimaster Posted June 28, 2011 Report Share Posted June 28, 2011 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. Link to comment Share on other sites More sharing options...
Terry Posted June 28, 2011 Report Share Posted June 28, 2011 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 Link to comment Share on other sites More sharing options...
jedimaster Posted June 28, 2011 Report Share Posted June 28, 2011 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. Link to comment Share on other sites More sharing options...
pikeguy Posted June 28, 2011 Report Share Posted June 28, 2011 its just like getting a car for free if you are not family you pay tax. Link to comment Share on other sites More sharing options...
Terry Posted June 28, 2011 Report Share Posted June 28, 2011 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. Link to comment Share on other sites More sharing options...
spooner_jr Posted June 29, 2011 Report Share Posted June 29, 2011 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. Link to comment Share on other sites More sharing options...
jedimaster Posted June 29, 2011 Report Share Posted June 29, 2011 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. Link to comment Share on other sites More sharing options...
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