Vehicle Transfer ?

[Towerman]

Once upon a time many years ago, a family menber could transfer a cars ownership to another family member by indicating that it was a gift.

I had heard some time ago that this is no longer possible. A tax is now applicable with any transfer regardless and would be applied to the book value of the vehicle.

Is this a fact ?

If so would anyone know the book value of a 1994 Plymouth / Dodge Sundance ? Good Condition.

Thanks In Advance

[Thaiwoo]

Info below can be found here http://www.mto.gov.on.ca/english/dandv/vehicle/used.htm

Tax Exemption

Payment of retail sales tax is not required when a vehicle is a gift and is being transferred between close family members, which only includes a spouse, parent, step-parent, grand-parent, son, daughter, grandson, granddaughter, son-in-law, daughter-in-law, father-in-law or mother-in-law. Only one tax-free transfer per vehicle is allowed every 12 months.

A statement sworn before a Commissioner of Oaths will be required for certain transfers, such as gifts between family members and transfers for insurance purposes. Diplomats and Status Indians who qualify will be able to complete a transfer without paying tax by simply showing their identity card.

[Towerman]

Thanks for the info Thaiwoo..

[BillD]

The vehicle needs to be certified, also.

[Towerman]

Thanks BillD..

[Glen]

Once upon a time many years ago, a family menber could transfer a cars ownership to another family member by indicating that it was a gift.

I had heard some time ago that this is no longer possible. A tax is now applicable with any transfer regardless and would be applied to the book value of the vehicle.

Is this a fact ?

If so would anyone know the book value of a 1994 Plymouth / Dodge Sundance ? Good Condition.

Thanks In Advance

Book values: http://www.canadianblackbook.com/prv/auth.cfm?token=AB04DC39ZKL01

[Taz]

Book values: http://www.canadianblackbook.com/prv/auth.cfm?token=AB04DC39ZKL01



Car is too old black books only go back 10 yrs