Fishing Forum  Fishing Regs  
 Members |  Forum Rules |  Search
Pages: 1 2   ( Go to first unread post ) Reply to this topicStart new topicStart Poll

> Boat Registration and tax
Tailfin
Posted: May 03, 2018 - 08:27 pm


Lunker Trout
*

Group: Members
Posts: 472
Member No.: 100
Joined: February 11, 2011




To all those wondering earlier about registration and tax. I bought my (used) boat and registered it about 4 years ago, today I received a letter from the Ministry of finance Requesting info on , Date of purchase, Purchase price. And did I pay 13 percent tax. So you see they will get you eventually.

PMEmail Poster
Top
sillylion
Posted: May 04, 2018 - 12:16 am


Alevin
*

Group: Newbies
Posts: 19
Member No.: 3988
Joined: March 22, 2013




Why do they get to tax that boat twice? who ever bought it new paid the tax already, you telling me they get to tax you again?? Is there a tax on that tax as well?

PMEmail Poster
Top
sabby
Posted: May 04, 2018 - 02:54 am


Lunker Trout
*

Group: Members
Posts: 410
Member No.: 9998
Joined: September 25, 2015




QUOTE (sillylion @ May 04, 2018 - 12:16 am)
Why do they get to tax that boat twice? who ever bought it new paid the tax already, you telling me they get to tax you again?? Is there a tax on that tax as well?

They tax used cars, anything used basically. Someones got to support those who don't want to work after all.

PMEmail Poster
Top
Fishsniffer
Posted: May 04, 2018 - 03:54 am


World Record Trout
*

Group: Members
Posts: 3681
Member No.: 1597
Joined: February 29, 2012




What happens if you sold the boat again with in those 4 years and you received the letter after you sold it ?

Do you still pay hst ?

PMEmail Poster
Top
Tailfin
Posted: May 04, 2018 - 07:31 am


Lunker Trout
*

Group: Members
Posts: 472
Member No.: 100
Joined: February 11, 2011




I was told that "you made money selling the boat so you pay your tax on the income"


Be careful who you vote for.

PMEmail Poster
Top
xiaolu
Posted: May 04, 2018 - 02:43 pm


World Record Trout
*

Group: Members
Posts: 3436
Member No.: 50
Joined: February 10, 2011




QUOTE (Tailfin @ May 04, 2018 - 07:31 am)
I was told that "you made money selling the boat so you pay your tax on the income"


Be careful who you vote for.

In that case, if you bought your boat for $10,000, and then the next day you sold it for $12,000, your income in this case is $2,000 (NOT $12,000). Not too bad: You pay tax on the income (that is, you pay tax on the $2,000) :-)

PMEmail PosterYahoo
Top
zuperalexu
Posted: May 04, 2018 - 03:27 pm


Lunker Trout
*

Group: Members
Posts: 367
Member No.: 7874
Joined: January 02, 2015




QUOTE (xiaolu @ May 04, 2018 - 02:43 pm)
QUOTE (Tailfin @ May 04, 2018 - 07:31 am)
I was told that "you made money selling the boat so you pay your tax on the income"


Be careful who you vote for.

In that case, if you bought your boat for $10,000, and then the next day you sold it for $12,000, your income in this case is $2,000 (NOT $12,000). Not too bad: You pay tax on the income (that is, you pay tax on the $2,000) :-)

Applying your calculations below as usual it goes the other way around so let's say if you are buying with $12,000.00 CAD and selling for $10,000.00 CAD you lost $2,000.00 CAD.

In this case the government should give you 13% back on the $2,000.00 you lost.

I think this would be more fair than everyone paying 13% tax every time an item changes hands....

PMEmail Poster
Top
Longshank
Posted: May 04, 2018 - 07:11 pm


World Record Trout
*

Group: Members
Posts: 6824
Member No.: 118
Joined: February 11, 2011




eh? lost me.

you do not pay tax when selling..the buyer pays tax on the bill of sale ammount

PMEmail PosterUsers Website
Top
Fishing Rod
Posted: May 07, 2018 - 03:53 pm


Trophy Trout
*

Group: Members
Posts: 618
Member No.: 4539
Joined: July 30, 2013




I wonder what happens if you don't contact them with payment?

PMEmail Poster
Top
gaspumper
Posted: May 07, 2018 - 04:02 pm


Smolt Trout
*

Group: Members
Posts: 133
Member No.: 128
Joined: February 11, 2011




QUOTE (Fishing Rod @ May 07, 2018 - 03:53 pm)
I wonder what happens if you don't contact them with payment?

That I wouldn't advise,how I know because I ignored them,got a finale letter to garnishee my wages,didn't take me long to pay after that.

PMEmail Poster
Top
Fishsniffer
Posted: May 07, 2018 - 07:32 pm


World Record Trout
*

Group: Members
Posts: 3681
Member No.: 1597
Joined: February 29, 2012




QUOTE (gaspumper @ May 07, 2018 - 04:02 pm)
QUOTE (Fishing Rod @ May 07, 2018 - 03:53 pm)
I wonder what happens if you don't contact them with payment?

That I wouldn't advise,how I know because I ignored them,got a finale letter to garnishee my wages,didn't take me long to pay after that.

Write them IOU

PMEmail Poster
Top
Drew
Posted: May 07, 2018 - 09:41 pm


Trophy Trout
*

Group: Members
Posts: 699
Member No.: 8190
Joined: January 11, 2015




QUOTE (Tailfin @ May 04, 2018 - 07:31 am)
I was told that "you made money selling the boat so you pay your tax on the income"


Be careful who you vote for.

That's crazy talk.

PMEmail Poster
Top
doubleblue44
Posted: May 08, 2018 - 06:45 am


Adult Trout
*

Group: Members
Posts: 291
Member No.: 11477
Joined: February 22, 2016




i believe you pay the tax on the purchase price regardless of what you sell it for later, the person who buys the boat pays the tax. Just like a car.
So if you bought for 10k you pay the 13%.
Its an insane system. Quick rant.... you pay big income taxes, plus property taxes etc. then when you spend your money you pay a tax - then if you buy a used truck/boat you pay tax again, the government could collect tax 4-5 times on a car!!! even after someone paid the full tax when he/she bought it new?? wtf?!?!?

sorry.

PMEmail Poster
Top
Icemanburl
Posted: May 08, 2018 - 06:48 am


Parr Trout
*

Group: Members
Posts: 96
Member No.: 10360
Joined: January 05, 2016




I also got it for my boat i bought four years ago this fall. We both agreed on $4000 all in, we never talked about tax but if it was to be added on top i would not have bought the boat at that price. How am i supposed to explain that to the GOV?

PMEmail Poster
Top
Fisherman
Posted: May 08, 2018 - 07:37 am


World Record Trout
*

Group: Members
Posts: 2118
Member No.: 25
Joined: February 10, 2011




QUOTE (Icemanburl @ May 08, 2018 - 06:48 am)
I also got it for my boat i bought four years ago this fall. We both agreed on $4000 all in, we never talked about tax but if it was to be added on top i would not have bought the boat at that price. How am i supposed to explain that to the GOV?

Common knowledge would prevail, you buy things, you pay tax, sooner or later.

PM
Top

Topic Options Pages: 1 2  Reply to this topicStart new topicStart Poll

 


Fishing Lake Simcoe
Fishing forum for Lake Simcoe & Area. Fishing Reports, Current Ice Conditions, Fishing Tips, Discussions & More. Featuring Ice Hut Rentals, Accommodations, Bait & Tackle shops, Marinas and Fishing Guides. The best fishing in Simcoe County!

Marketplace