Regarding HST on Private Resale of Purchased Car
My colleague purchased a company truck that went on auction and resold it for a profit. He mentioned that he never paid tax on the purchased truck because he never took ownership and registration under the MTO. Instead the new owner (person who bought it off him) paid the HST when he registered it for himself.
Is this possible and is this legal? I would not like to register the vehicle with MTO just to pay tax and then resell it.
If anyone could shed any advice on this situation it would be very helpful.
Cheers.
Is this possible and is this legal? I would not like to register the vehicle with MTO just to pay tax and then resell it.
If anyone could shed any advice on this situation it would be very helpful.
Cheers.