Taxes

I would think that you need to use common sense when declaring the purchase price. I think you can lowball the MTO up to a point.
 
Just get lucky and keep finding $100 bikes for sale, like I do, every time I buy a bike.
 
Matt Rain said:
I would think that you need to use common sense when declaring the purchase price. I think you can lowball the MTO up to a point.
Click to expand...

obviously, I was exaggerating with my price but what's the worse thing the MTO can do? From what i've read, all they'll do is contact the seller and confirm that that's the actual price.
 
I have just purchased my bike used at Mid-july 2013.

You can put whatever value for on the vehicle selling package, as long as you communicate with the seller first.

Technically, you can say your "friend" gave you the bike for $1, and the name change is just formality sake. Speak to the seller first ahead of time, and instead of paying tax to MTO, you can pay it to the seller.

Jimsun said:
Put 150. If they refuse theyll use blue book if it exists. I put $50 on mine:)
Click to expand...
 
axian_rider said:
I have just purchased my bike used at Mid-july 2013.

You can put whatever value for on the vehicle selling package, as long as you communicate with the seller first.

Technically, you can say your "friend" gave you the bike for $1, and the name change is just formality sake. Speak to the seller first ahead of time, and instead of paying tax to MTO, you can pay it to the seller.
Click to expand...

No. How is that a benefit to the buyer?
 
Griffin said:
It's pretty simple really - lie and commit tax fraud. :)
Click to expand...

its a stupid law, and stupid laws are meant to be broken..that being said, i believe the maximum penalty if you get caught is a 2500 dollar fine, but dont quote me on that.
 
Marinoni said:
its a stupid law, and stupid laws are meant to be broken..that being said, i believe the maximum penalty if you get caught is a 2500 dollar fine, but dont quote me on that.
Click to expand...

Huh?
More than 50 per cent of laws are "stupid laws", but I don't think they're meant to be broken:

Could I go to jail if I am found guilty of tax evasion or tax fraud?
Yes, incarceration is a possibility if found guilty of tax evasion or tax fraud. Under the Income Tax Act and the Excise Tax Act, the Canada Revenue Agency has various civil and criminal actions it can take which can lead to monetary fines, penalties and even prison time.
More:
An individual is guilty of a summary offense and can face a fine between $1,000 and $25,000. A judge may also sentence the offender to up to twelve months of incarceration

If saving $26 means that much - go for it. Otherwise, pay the piper for "his" stupid law(s).
 
hpvchewy said:
I just did this a few days ago, came out to $0.15 :(

Lady at the MTO desk "You really paid $1 for this motorcycle?" ... "Yep, needs a few repairs." ... "15 cents plz" woot :)
Click to expand...

Rounded up to the nearest nickel. You should have used your debit card, and saved 2 cents.......lol
Forum Sponsor
 
You must log in or register to reply here.
Back
Top Bottom