trading bikes with someone...how to handle taxes ??? | GTAMotorcycle.com

trading bikes with someone...how to handle taxes ???

D

Dr. Luxurious

Guest
ive got a bike for sale and im thinking of doing a straight up trade with someone for another bike ...can the braintrust please advise as to how to best handle the sales tax situation ?
no money will be changing hands.
thanks !
 
The barter system was all the rage before the advent of the mechanical horse. It's hardly a coincidence that death and taxes rose markedly afterwards. Trading those bikes is going to set the western hemisphere back about a century. Taxes should be your last concern matey.
 
just put $1.00 on the transfer and keep your hard earned money. let us know what happened?
 
this. Sell them to each other for $1. You will still need the UVIP and safety, so still gonna cost a few $.

When the letter comes just don't confirm the $1. Hilarity will ensue.
 
If you give low value on bike you'll get a letter sometimes. Happened to me. Made paper airplane.
 
Declare $1 as other people have stated. If the buyer receives a letter requesting a confirmation of what they paid for the bike, obviously, they can ignore it. However, the greater problem is if if the seller receives the same letter. Have a good understanding with the seller that you're going to declare $1 for the transaction and they they are going to also ignore any MTO letter should they receive one.
 
Done this twice now - just as everyone has said...put a dollar down as sale price to make it official. On my receipt that I show the ministry, I show bike/vin traded for bike/vin....they had zero issues with it...

Never got a letter...
 

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