Tax Question Canada

[sider68]

I understand now that if your vehicle is over 20 years old you need to have it appraised Obviuosly for taxing it.
I have one that I paid a certain dollar for and receipt.However it is getting redone fairly quickly so I can drive it on the road.
What do I do?
I would like to get it appraised properly after for insurance reasons but dont want to pay a ton of tax now because it does need work.Please help.

[northerngmc]

Why would you pay taxes on the appraised value?

Do you mean provincial sales tax when you register it?

My 59 GMC has been appraised for insurance purposes and my insurance costs more now, and I hope it is worth more now too!

[ronh72c10]

The ontario government put a new rule in place that within 60 days of buying a 20 year or older car the buyer has to have the vehicle appraised. The buyer is then taxed on whichever is greater, the purchase price or the appraised value.

It's an incredible nuisance for me since I recently bought a 38 body shell and frame, obviously not driveable but I've gotta get somebody to come out and appraise it so the government can get their dime.

Ron

[northerngmc]

So do you also pay tax on used cars less than 20 years old when they change hands?

[ronh72c10]

In that case you pay tax on the Blue book value or the purchase price, whichever is greater.

Ron

[IAFF2407]

just brought my sub from LA in January, paid tax on the sales receipt. weird things in Ontario, at least your gas isn't at a $1.30 per litre.

[Already Gone]

I know a lot of peple think that Sakatchewan is the boonies ,but when it comes to registering vehicles and insurance we have it all over everyone with our system and SGI. When I bought my 72 in 2001 I paid just the PST to the government on what I paid for the truck. My license plates which include my insurance cost me 35.00 amonth and I pay another 20.00 a month to reduce my deductible to 200.00 from 700.00 and bump my Public Liability to 2,000,000

[pissonNOS]

why dont yall move to alberta I dont think we have that problem here that Im aware of?

[sider68]

Im still confused .

[EAST SIDE LOW LIFE]

Never heard of this .... bought my 70' Nov/2005 paid tax on the purchase price and thats all she wrote folks.

esll.

[sider68]

Could be an Ontario thing.Im just concerned as I paid X amount but truck is getting redone BEFORE I put it in my name and on the road.Two different values

[ronh72c10]

Originally Posted by sider68

Could be an Ontario thing.Im just concerned as I paid X amount but truck is getting redone BEFORE I put it in my name and on the road.Two different values

That's my concern about the 38 Ford, it's worth $1000 right now (maybe) but when I'm done with it, it will be worth considerably more, if I pay tax on the fixed up value I'll end up paying tax on the parts I paid tax on.

Ron