Registering a used bike, how to determine values???????????????????

S

syncro

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I have to go in and register a bike under my name very shortly and i want to know before hand an estimate of what he taxes will be. Do they use a standar bbook for pricing vehicle value?? if so what book?

Also, if said vehicle has damage does that bring down the cost or do i have to get it appraised to prove the bike is less valuable.

The bike is a 2001 GSXR 600 with apprx 35k on it. Any help would be greatly appreciated.

Thanks in advance

Sycro
 
They have no book value for motorcycles, so they go by sales price. you can say whatever you want to say you payed for it, and pay taxes on that. be make sure the seller knows the price you're saying, as they may send him a letter asking him to state the price he sold it for. so both need to say the same.
 
The amount of tax you'll pay is stated in the UVIP. If there's no book value or if the value is under $999 then you'll pay tax on the stated sales price. Also from time to time they check with the last owner to see what he sold that bike for.
 
I said I paid $1,900 for my bike and that amount was used to calculate taxes, so they don't really investigate at all.
 
I have received requests from the Ministry asking to confirm the sale price that was stated on my bill of sale. As long as the seller and purchaser state the same price that is shown on the bill of sale, there is no issue. Whether that price is what was actually paid is another matter entirely.
 
All bikes sold in ontario sell for $1.

Atleast the ones I buy are...
 
i generally go by the "Divide by 10" rule haha but seriously be careful - if amount too low, and if spot-audit, they will make you pay the proper amount
 
my bike was a straight trade deal. told the lady at the MTO that, and she put it down for $0. I was more than fine with that.
 
I just threw out that notice...

Malks said:
I have received requests from the Ministry asking to confirm the sale price that was stated on my bill of sale. As long as the seller and purchaser state the same price that is shown on the bill of sale, there is no issue. Whether that price is what was actually paid is another matter entirely.
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