HTHM Posted February 23, 2014 Report Posted February 23, 2014 If one is to do a straight trade of a car for a boat, how does that work at the tax office? I could not find anything on the Ontario website.
Joey Posted February 23, 2014 Report Posted February 23, 2014 I think you will still need a bill of sale to register in your name, and therefore would have to pay taxes on the "book" value I would think. But I could be wrong.
BillM Posted February 23, 2014 Report Posted February 23, 2014 Trade is still a change of ownership, which = tax
Gregoire Posted February 23, 2014 Report Posted February 23, 2014 (edited) I would check with an accountant but as far as I know barter is legal in Canada. There may be some paper work to do, but you should not pay taxes, maybe only a title transfer fee. I did a little digging and as long as what you are bartering is not something that would regularly earn you income than you should be ok...so as long as you are not a used car or boat salesman you should be tax free. I bough my last car new from Quebec and when I went to register it I was not asked to pay provincial sales tax on it, so it is possible to register a vehicle without paying taxes. Edited February 23, 2014 by Roaring Dan Seavey
BillM Posted February 23, 2014 Report Posted February 23, 2014 I bough my last car new from Quebec and when I went to register it I was not asked to pay provincial sales tax on it, so it is possible to register a vehicle without paying taxes. You plated a new car in Ontario, purchased from Quebec and didn't pay HST? Or what this like 20 years ago? If you buy a new car in Quebec today, you'll be paying HST in Ontario when you plate/register it.
HTHM Posted February 23, 2014 Author Report Posted February 23, 2014 If this deal does go through, I hope to have a definitive answer tomorrow.
Gregoire Posted February 23, 2014 Report Posted February 23, 2014 You plated a new car in Ontario, purchased from Quebec and didn't pay HST? Or what this like 20 years ago? If you buy a new car in Quebec today, you'll be paying HST in Ontario when you plate/register it. It was a pretty recent transaction. My point was that you are not always asked to pay taxes when registering a vehicle.
nancur373 Posted February 23, 2014 Report Posted February 23, 2014 Ask Wayne about it. I remember him saying something about barter is still legal.
captpierre Posted February 23, 2014 Report Posted February 23, 2014 As far as I know, if you trade a car in at a dealership, you pay tax only on the difference might apply here too
HTHM Posted March 1, 2014 Author Report Posted March 1, 2014 I think you will still need a bill of sale to register in your name, and therefore would have to pay taxes on the "book" value I would think. But I could be wrong. Joey gets the prize! She is correct.
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