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Old 07-31-2012, 06:43 PM   #1
canuckder
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Quick question on trading



When trading vehicles and no money is exchanged do you still pay tax?

If so, they would probably turn to the blue book value?

Would it be better for me to get a receipt for a smaller value and try and save some tax?

thanks everyone!
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Old 08-01-2012, 10:14 AM   #2
Dinanstu
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When you trade a vehicle, the tax is only on the residual amount owed. So if you trade in a $3000 car on a $25,000 car, you pay tax on the $22,000.

I think that with a private, straight trade, they will look at book values to establish values, and then tax based on that.

Check with the Motor Vehicle branch to see if you can trade "as is" vehicles...
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Old 08-01-2012, 11:01 AM   #3
T.Dot_E30
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Depends on the value listed on the UVIP.

If it is listed as zero you might be able to say you were given the car and show a bill of sale for $0.
Otherwise if it is a newer car, you'll have to pay taxes on the amount you paid or the UVIP value, whichever is more.

You can transfer a car without paying taxes between immediate family, otherwise they'll always try to tax you.

http://www.mto.gov.on.ca/english/dan...d.shtml#retail
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