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Old 03-16-2005, 08:44 PM   #1
thinair
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A worthless and free car, do i pay taxes??

I might buy a car, it has a book value of $0 according to the MTO (I got the used vehicle information package), and lets say it was free, would I need to pay taxes on it when transferring ownership??

From what I know, you pay taxes on the wholesale value or the purchase price, whatever is higher. So if both are $0, will this be tax free???
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Old 03-16-2005, 08:47 PM   #2
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i just got up to take a piss and damn..

do u really want a vehicle that has a value of 0 bucks?

dosent that tell you something?
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Old 03-16-2005, 08:55 PM   #3
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That's besides the point, I need wheels, my truck has passed away
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Last edited by thinair; 03-16-2005 at 08:59 PM.
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Old 03-16-2005, 09:06 PM   #4
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Quote:
Originally Posted by thinair
I might buy a car, it has a book value of $0 according to the MTO (I got the used vehicle information package), and lets say it was free, would I need to pay taxes on it when transferring ownership??

From what I know, you pay taxes on the wholesale value or the purchase price, whatever is higher. So if both are $0, will this be tax free???
No taxes Nelson. My Peugeot had the same story, so i just told them i got it as a gift, and did not have to pay anything.
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Old 03-16-2005, 09:10 PM   #5
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Hmmm i've known of cases when the car was free but u still had to pay taxes, but in this case since there is no amount to pay taxes on I guess not.

Pass by the ministry and ask them.
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Old 03-16-2005, 09:25 PM   #6
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Originally Posted by T.Dot_E30
Hmmm i've known of cases when the car was free but u still had to pay taxes, but in this case since there is no amount to pay taxes on I guess not.

Pass by the ministry and ask them.
It depends on whether the vehicle exists on the MOT database. Peugeot for example does not, so you can say you got it free or even that you paid 10 dollars. They will have to accept it , because the vehicle does not exist in the database.
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Old 03-16-2005, 09:27 PM   #7
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Well, this vehicle exists in the database, but it just says wholesale value $0, retail value $0 on the MTO UVIP I got earlier.

But thanks for your info, this car just keeps getting better....
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Last edited by thinair; 03-16-2005 at 09:31 PM.
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Old 03-16-2005, 09:45 PM   #8
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Quote:
Originally Posted by thinair
Well, this vehicle exists in the database, but it just says wholesale value $0, retail value $0 on the MTO UVIP I got earlier.

But thanks for your info, this car just keeps getting better....
If it says zero, im pretty sure there is no tax, unless you report an amount you purchased it for. What is it btw? Im curious now... And I cannot believe the truck is dead! Damn, this winter must of killed it?
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Old 03-16-2005, 09:57 PM   #9
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Buy it off the guy for 10 bucks....barely any tax's off that


my dad bought a car off my Grandpa for 1 buck for some reason like that
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Old 03-16-2005, 10:06 PM   #10
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i'm curious as to what this 0$ car might be!
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Old 03-16-2005, 10:16 PM   #11
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an e28, and i think 360,000 very hard km's killed the truck. The tranny died today, the output shaft was all screwed up and on Monday it barfed out all the tranny oil through the seal. So i just kept driving on it. I was going to trash it anyway. 263km later the tranny wouldn't engage any gear but 4th, and it kept popping out. The tires are slick, the frame is bent, 2 body mounts were rusted out, the voltage regulator doesn't regulate (charges up to 20V). It's time to swap to another beater.
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Old 03-16-2005, 10:16 PM   #12
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You do have to pay tax the only way out of this is if it was a gift from a family member.
In Qubec they go by milage but in Ontario I beleive they go by what dealers/inssurace Quote them. Expect at least a 100-200 bucks in tax for a beater with a receipt of $0.00.
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Old 03-16-2005, 10:40 PM   #13
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Quote:
Originally Posted by thinair
an e28, and i think 360,000 very hard km's killed the truck. The tranny died today, the output shaft was all screwed up and on Monday it barfed out all the tranny oil through the seal. So i just kept driving on it. I was going to trash it anyway. 263km later the tranny wouldn't engage any gear but 4th, and it kept popping out. The tires are slick, the frame is bent, 2 body mounts were rusted out, the voltage regulator doesn't regulate (charges up to 20V). It's time to swap to another beater.
damn...poor thing... Oh well...time for a new beast! that e28 better get the thinair treatment (in looks i mean) not in abuse
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Old 03-16-2005, 10:45 PM   #14
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I'm not even going to try to restore it, if it lasts me a few months I'll have happy. I just need something to get me to school for the time being. Once it's warmer I can always just take my 328 if I have to.
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Old 03-16-2005, 10:47 PM   #15
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Trade it to Terry for the e30, I'm sure he'll agree!
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