Canadian Red Book values....
10-21-2011, 12:17 PM
#16
Drifting
Thread Starter
This is from the MTO website:
"For passenger and light commercial vehicles (2,200 kilograms and under empty weight) 20 years or older, the retail sales tax is payable on the purchase price, replacement value for insurance purposes, or appraised value, whichever is more.
If you paid less than the Canadian Red Book value, you can get the vehicle appraised before changing ownership. If the appraisal supports a lower price than the Canadian Red Book, the buyer pays tax based on the higher value.
An appraisal or insurance document showing the vehicle's value must accompany the bill of sale."
link: http://www.mto.gov.on.ca/english/dan...cle/used.shtml
"For passenger and light commercial vehicles (2,200 kilograms and under empty weight) 20 years or older, the retail sales tax is payable on the purchase price, replacement value for insurance purposes, or appraised value, whichever is more.
If you paid less than the Canadian Red Book value, you can get the vehicle appraised before changing ownership. If the appraisal supports a lower price than the Canadian Red Book, the buyer pays tax based on the higher value.
An appraisal or insurance document showing the vehicle's value must accompany the bill of sale."
link: http://www.mto.gov.on.ca/english/dan...cle/used.shtml
10-21-2011, 01:00 PM
#18
Drifting
Thread Starter
12-18-2013, 08:08 PM
#20
Rennlist Member
No. You only pay the duty and GST on the bill of sale. The other pain happens when you get the ON permit and plate the thing.
12-18-2013, 10:15 PM
#21
Racer
Join Date: Oct 2013
Location: Canada
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I purchased a 1988 Mazda RX7 about a year ago (since sold) and MTO required an appraised amount as they did not have the value of the car on their books. I went to a friend who has a used car lot and he had an MTO form he used to give me a value. Said he does it all the time. Charged me a few bucks. Car was purchased in Ontario.
