Deleted
Deleted
Last edited by user74848393 on Jul 23rd, 2021 8:29 pm, edited 1 time in total.
Locked: Deleted
- Last Updated:
- Jul 25th, 2021 9:40 am
Tags:
- user74848393 [OP]
- Newbie
- Jul 1, 2021
- 7 posts
- 3 upvotes
5 replies
- Swerny
- Deal Expert
-
- Oct 5, 2008
- 17642 posts
- 13374 upvotes
- Toronto
Tax.
Gifting you don't pay tax
If you put the value at $1, they will make you pay taxes on the book value of the car rather than $1
Gifting you don't pay tax
If you put the value at $1, they will make you pay taxes on the book value of the car rather than $1
Last edited by Swerny on Jul 23rd, 2021 8:39 am, edited 1 time in total.
- KevinM56081
- Banned
- Jun 4, 2020
- 1634 posts
- 1747 upvotes
- Clarington, ON
One is a gift. The other technically a sale. Sales require collection of tax on wholesale value of vehicle.
See website for info on family transfers: https://www.ontario.ca/page/transfer-ow ... ily-member
See website for info on family transfers: https://www.ontario.ca/page/transfer-ow ... ily-member
- mxthor3
- Deal Addict
- Oct 1, 2015
- 3385 posts
- 5019 upvotes
- Barrie, ON
Yes, the $1 trick doesn't work anymore.
- derass
- Deal Addict
- Sep 8, 2017
- 4668 posts
- 4931 upvotes
- GTA
- mrweather
- Deal Fanatic
- Aug 29, 2011
- 9348 posts
- 6488 upvotes
- Mississauga
Great. Another one-and-done poster who deleted the OP…