Here’s the storey…

I’m buying a 1999 Z24 ( winter beater ) from a pal from work however
I’m looking for a loop hole to get away from paying taxes on it……I know that you have to be a member of the sellers family in order to have it gifted to you…..

Will something like the seller owes the buyer money and is giving the buyer the car to even up…..?

Nevertheless any help or knowledge on this would help…..I take over ownership of the car Friday……

I could be wrong on this, but it seems like a perfect opportunity to "buy" the car for something like $100 and overlook some cash that might pass under the table by chance.




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That's the plan however there's a new buyers package you need to buy $20....l guess there's a points system in the package to help mark you car sort a speak.....
Thinking we might be able to mark his car down enough that taxes may only be $50....finger crossed....

But telling them that he was going to sell it to me for $500 doesn't matter anymore...as a seller you need to buy this package...

Quote:

I could be wrong on this, but it seems like a perfect opportunity to "buy" the car for something like $100 and overlook some cash that might pass under the table by chance.

Last time I checked with the ministry the taxes were based on the wholesale value of the car not what was actually paid. And, they told me the only way you can get out of paying the tax is by transferring the ownership as a "gift" however this is only limited to husband/wife, parents to children.

I was told this when I tried to transfer ownership of my last vehicle to my brother. I had to pay taxes based on the vehicle being higher value than the small amount he paid. Things could be different or changed that was back in January...and I forget what the tax bracket was...



My Cardomain Durham Region J-bodies

Yeah they go by black book value unless there is no value listed...

when you buy the car if you know any1 that can appraise the car they can appraise the car for 100.00 or 200.00 and that will lowere the taxes thats how i do all my cars were are you for and i might know some 1 near you

what happens when you transfer ownership is you have the price you paid for the car, and that sellers package has the wholesale value of the car.. the ministry makes you pay tax on whatever is higher, UNLESS the wholesale price is less than $1000, in which case you get to pay tax on what you paid.

when i registered my sunfire (1996) the ministry said it was worth $995 , but i had traded it, so i didnt pay any money. she told me to make up a number that i paid for it, and jokingly i said $5. i paid taxes on $5

Ya l'm from Waterloo.....

The package is saying that l owe $1800, or at least l owe the taxes on $1800.....

before you get it changed into your name get it appraised for watever you want appraisers will usually do that for a little extra cash

Today I was at the MTO, (Toronto) and I overheard this lady in front of me trying to transfer her ownership on a new car she had just purchased. She said that the car was purchased for $6000 but the MTO employee said that doesn't matter cause the book value they had was 12,900 and thats what she needs to pay taxes on. The employee then said the car has money owing on it which was kinda funny cause the buyer never new that. LOL.

if you buy a UVIP (used vehicle info pack) it will tell you if there are any liens (money owing) on the car. the lady cant use that as an excuse that she didnt know. plus, you need the UVIP to complete the transaction.

when i bought my car (from a freiend) he had his dealership appraise the car for less than what i payed. i then only payed the taxes on what the car was appraised for because "that is what i payed" for the car.

both parties have to have their stories straight for this though... the MTO can contact both the seller and the buyer later to find out more info if they so choose to. that happend to my cousin when he bought his bike. there was no value listed, so he paid the guy X money and they recorded he only paid Y money (Y obviously being less than X). the MTO said ok, then decided to come back to it later when they had a value for the bike and the seller cracked and told them how much he really paid. thankfully my cousin only had to pay the extra money in taxes. he couls have been fined.



1997 RedR - ZedR

suck it up wil lol its not like you cant afford it anyways you tight ass lol

Hey be nice....lol

We need to do some drinking real soon...!!!! I've been bugging Andrew to get a hold of
the boys for some buds......

Giddy up...!!!

pm me your number so i dont have to call andrew just to call you and maybe we can get together for some drinking and such....puff puff pass lmao

Man l can't pm you......something is "F"d....
Tring your hotmail now.....