Avoiding to pay huge taxes on a used boat

[Deerslayer99]

[COLOR=#666666]

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

[fratri]

1 receipt for the boat....
1 receipt for the trailer...
1 big receipt for the motor....

EXample...

16' 2002 Tracker Boat 50 hp motor and easy glide trailer for sale and sold for $10,000 off of kijiji.ca private sale...

I ask for a receipt for the boat for $1,500 as is
a receipt for the trailer for $500 as is
and the motor receipt for $8,000

Take the receipt for the trailer to MTO to transfer ownership and pay taxes on the $500 trailer...

Fill out boat information and only pay taxes on $1500 boat... (Keep receipt as the process after registering your boat may take up to 2 years before they ask for a copy of the bill and their tax money....

Mention nothing to anyone about the engine as it does not to be registered so no one needs to know....

Hope this helps/makes sense...

Best of luck with the new boat

[rick_iles]

1 receipt for the boat....
1 receipt for the trailer...
1 big receipt for the motor....

EXample...

16' 2002 Tracker Boat 50 hp motor and easy glide trailer for sale and sold for $10,000 off of kijiji.ca private sale...

I ask for a receipt for the boat for $1,500 as is
a receipt for the trailer for $500 as is
and the motor receipt for $8,000

Take the receipt for the trailer to MTO to transfer ownership and pay taxes on the $500 trailer...

Fill out boat information and only pay taxes on $1500 boat... (Keep receipt as the process after registering your boat may take up to 2 years before they ask for a copy of the bill and their tax money....

Mention nothing to anyone about the engine as it does not to be registered so no one needs to know....

Hope this helps/makes sense...

Best of luck with the new boat

Hahaha....yea, no one knows now !!

[G Skinner]

Ironically I just got notice on a boat I bought 2 years ago ..... got to try to find the paper work ... I'm sure taxes were paid !
Glen

[greatwhite]

Two receipts 1 for government and 1 for you.

[Deerslayer99]

Thanks guys....helps alot...last boat i bought it was a package deal on the receipt but the guy reallly low bald the cost so i didnt pay too much in tax....this boat is costing alot more so I wanted to know a way around it.....thanks again