Possibly looking at trading a vehicle for another, its going to be a private deal, if we make the trade what's my next step, do I have to get an appraisal and then pay the HST on that or just on the difference, who can do an appraisal in the Brant Norfolk area that would be able to satisfy the MTO and not break the bank paying any more HST then I absolutely have to, hope someone can give me the straight poop, thanks for all help here.
If the car is older than a certain age (25 yrs I think), you will have to get it appraised. Same rules apply to the other person you're trading with. You both will have to pay GST on the appraised value. I think this rule is waived if the vehicle changes ownership within direct family members .(i.e. Father - Son).
Not sure if trading privately, but if trading at a dealer, you pay HST on difference. That is a fact. You can get an appraisal from a car salesman working at a dealership. I've done several. Of course you can't give stupid low prices, unless there is a good reason for that low price, like bad body, drive train etc. Most guys will do it for $25 - 50.
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If brains were wire, some couldn't short circuit a firefly.
Yep, a very simplified sheet of paper with a breif description and a value. Pictures of the car from every angle and inside and out isn't necessary for MTO - they trust the dealer won't risk licence on a bogus appraisal.
The GD insurance company on the other hand......wait... I almost went on another tyraid again didn't I?
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"If I could get back all the money I've ever spent on cars...I'd spend it ALL on cars !!!
If the car is older than a certain age (25 yrs I think), you will have to get it appraised. Same rules apply to the other person you're trading with. You both will have to pay GST on the appraised value. I think this rule is waived if the vehicle changes ownership within direct family members .(i.e. Father - Son).
hemi i know that is so but there is another one i have done some yrs ago if it still doable, ??. taking it from my company name to my personal name there is/was a hole also. its been some yrs since i did it but there was a hole at the time. getting old sucks!
After you do the trade & pay the HST on Aprr. value, I would put vehicle in your name "UNFIT" & sit on it for a few mths. Then get it appraised for Ins. value & have safety done & put to "FIT" vehicle. Dot & Insurance files are tied together so it would look "fishy" if you have it appr. say for $5000 & pay taxes on that amount then 1 week later Insure it for $15000. Not saying that they would catch it but there's a chance it could get "flagged"
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I can only please one person a day, Today is not your day!!Tomorrow doesn't look good either !!!!
I was of the impression that when you trade in a vehicle on another vehicle that you only pay the HST on the net difference. I don't know also if this applies only to registered dealers. If the first is true and it applies to any vehicle trade then it seems to me that you could do this. Get appraisals on both cars. The lower appraised car is traded in on the higher priced car. HST is only paid on the difference. HST is then paid on the full value of the trade in. If car A is worth $20000 and car B is worth $15000 then the HST on the trade would be $650 and the HST on the trade in would be $1950 for a total of $2600 as opposed to HST on both vehicles being $4550. Sharing of the HST could be worked out. If I am wrong on this, I will delete this post.
Stopped in at the licence office today to get it from them that know. They say that if car is more than 15 years old, you must get the car appraised, and then you BOTH pay the FULL HST. on that value. None of this trading will work. What a bunch of BS.
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If brains were wire, some couldn't short circuit a firefly.
Take the car to the MTO accredited appraisal centre or in some cases detailed photos and the ownership. The MTO appraisal is usually a lot less than the Insurance appraisal. You may be surprised what they value it at. I have traded many cars
Traded my truck for a motorcycle, the sellers package you purchase from the mto had an appraised value for the truck. The bike didn't need a package, so it being an even trade we BOTH had to pay tax on the appraised value of the truck, Kent
