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when buying a used boat fully loaded with trailer and all gear included, what is the best way to show a receipt to the government for tax purposes.......a receipt for just the boat alone and another for the trailer or just 1 low ball receipt for both together and have the receipt state its a package deal......thanks
I was surprised when someone told me that the boat and trailer should have separate receipts, one for the trailer to get your plate at the MTO and another to calculate taxes on the boat when you register it with Transport Canada ?
Never heard of this before this week, anybody know much about it ? Suggest you try the Marina section of the fishing forum
Two receipts is how it's done. Service Ontario has the responsibility to register the vehicle (trailer) only and collect HST. Have the trailer registration with you. Make no mention of the boat and motor,EVEN IF THEY ASK. That's the sole domain of Transport Canada. There will be a tax declaration for HST when they register the boat and motor (if a motor is attached,private sales of motors are tax exempt;)). Depending on the year,make and model of the boat,they have documentation as to value of almost every vessel. The days are long gone when someone could show up with a low ball receipt and have taxes assessed on that basis UNLESS the boat and motor are very old and/or are classed as salvage. If that's the case,the government may request a signed declaration as to that fact. Be cautious how you answer that because it can come back to bite you.Quote:
Originally Posted by Deerslayer99
thanks again....
Exactly what Trimmer said...2 separate receipts..2 separate registrations...when I registered my boat I was told I would be contacted regarding the taxes....that was almost 15+ years ago...boat long gone and never did get a tax bill for it!
I recently got a request to pay taxes on a boat that has been in a landfill for years. I called and they don't care. I couldn't get them to answer the question of what happens if you don't pay. I told them I don't have receipts for things I threw out several years ago and they said approximate its value at the time of purchase and send them a cheque.
Get 3 receipts. For a $2000 boat package get $100 boat, $100 trailer $1800 motor. I don't own anything newer but I've shown $100 receipts for my ATV, several trailers and my camper and never been questioned. They don't have book values for much other than newer cars. They didn't have a book value for my wife's Honda Pilot so it was worth $100 too. In hindsight though that piece of $#!T isn't even worth $100.
Just noticed fratri already gave you this info on your other thread
I recently registered my boat and there was no mention of paying tax. Registration is free by the way which is rare for any level of government to do. I only paid 500 bucks for it and turned it into a duck hunting boat but due to size and horsepower requires those bow numbers. Guess I will just wait and see if a bill shows up in the mailbox.
Since we’re talking about buying used boats, anybody know how to ensure that the title is clear on the boat you’re buying and that there are no loans or liens against it ?
Try this website www.easyppsa.com Title searches can be done in every province for a very low fee.Quote:
Originally Posted by 73hunter
Thx Trimmer
Anybody got opinions on Grew boats ? Good or bad....?
Long out of business if I'm not mistaken. Fiberglass if I'm right and unless stored dry they can have "issues". More headaches than you might want.
Bought a used boat on the week end. Asked for 2 receipts and he gave me three. One for the trailer, one for the boat and one for the outboard. Let you know it goes registering things
There is a difference between transferring a registered boat (meaning you definitely bought it) and registering a previously unregistered boat (maybe you built it?). I'm not sure but I thought they only go after you transfer a boat.Quote:
Originally Posted by longpointer
The time lag between the transfer with Transport Canada and the province going after you for the taxes seems to be between 2 and 4 years.