Trading Vehicles In Ontario

[tpower]

I have a question. does anyone have recent experience in trading vehicles with no money exchanged in Ontario and both vehicles are newer. Do I have to pay taxes (which I guess I will) Any recent experience info would be helpful
Thanks Tim

[TomF1]

Originally Posted by tpower

I have a question. does anyone have recent experience in trading vehicles with no money exchanged in Ontario and both vehicles are newer. Do I have to pay taxes (which I guess I will) Any recent experience info would be helpful
Thanks Tim

You will both pay tax on the current value.

other than that, it is exactly like buying a used vehilcle. Needs bill of sale, to be certified, etest, insured, then you transfer ownership and plates.

The only exception is direct family, I can give my car to my daughter or wife, no tax, just owernership transfer fee. still need cert, etest, etc.

all easy to look up;
http://www.ontario.ca/driving-and-ro...-platespermits

[gmjack]

Tim
Try going thru a dealer and your trade offsets the taxes or you pay the difference. Let me know how you make out.

[tpower]

Originally Posted by TomF1

You will both pay tax on the current value.

other than that, it is exactly like buying a used vehilcle. Needs bill of sale, to be certified, etest, insured, then you transfer ownership and plates.

The only exception is direct family, I can give my car to my daughter or wife, no tax, just owernership transfer fee. still need cert, etest, etc.

all easy to look up;
http://www.ontario.ca/driving-and-ro...-platespermits

Thats what I thought but if I trade my vehicle in at the dealership I pay taxes on the difference only What a tax grab

[Matster]

Originally Posted by tpower

Thats what I thought but if I trade my vehicle in at the dealership I pay taxes on the difference only What a tax grab

.... and you sound surprised lol, Gov always got their hand in your pocket. These days you need to have skills in order to keep track of them.