Buy back lease in Corporation name (instead of personal)
I have a lease that is ending next month with Mercedes. I'd like to buy it back in my family business' instead of personal. Mercedes has told me they can't do that and I will have to buy it back personally (since my name is on the lease) then transfer ownership to the corporation.
I would be responsible for paying HST at point of sale with Mercedes. Then once I transfer ownership to the corporation I would be paying HST again on FMV at Service Ontario. Is there any way around this? I am hoping not to pay HST twice. Note I'm not a shareholder with the company.
I would be responsible for paying HST at point of sale with Mercedes. Then once I transfer ownership to the corporation I would be paying HST again on FMV at Service Ontario. Is there any way around this? I am hoping not to pay HST twice. Note I'm not a shareholder with the company.