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06-13-2011, 01:27 PM
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#1 | | MiX iT Up!
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| Buying a car with Gift Letter
So if you guys clued in with my previous posts, i'm in the process of buying a car  ...
It's a private deal, and how do i go about using a gift letter/form to waive the taxes? Is there a threshold where a car is not subject to tax (ie. <10k car is not subject to taxes). What are the chances of being audited for such thing?
Thanks guys for all your help. I hope i have unlimited thanks .. i will need them.
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06-13-2011, 01:44 PM
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#2 | | I contribute to threads in the offtopic forum
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I take it it's not really a gift? Why risk being audited? If it happens you are screwed.
Best bet is to workout the taxes in the negotiating of the price with the seller, and have him report the car is worth less then it really is..
Either way is cheating the system, but if you are gonna go that route, make it the safest way possible Posted via RS Mobile | |
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06-13-2011, 01:49 PM
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#3 | | RS.net, helping ugly ppl have sex since 2001
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Chances are slim but when it hits you, you will get in deep shit. Don't do it.
You can declare it as a low value car, it won't affect the market value.
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06-13-2011, 01:59 PM
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#4 | | Diagonally parked in a parallel universe
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When you go to register the vehicle if there is any doubt ICBC will call around and start asking questions to verify the information... don't get burned
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06-13-2011, 02:02 PM
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#5 | | MiX iT Up!
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| Quote:
Originally Posted by TypeRNammer Chances are slim but when it hits you, you will get in deep shit. Don't do it.
You can declare it as a low value car, it won't affect the market value. | How do I do that?
The is over 15k.
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Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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06-13-2011, 02:12 PM
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#6 | | I bringith the lowerballerith
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I heard the gift car/tax exemption thing stopped working May 1.
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06-13-2011, 02:17 PM
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#7 | | MiX iT Up!
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^ yes. instead of a letter , now you have to fill out a form.
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Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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06-13-2011, 03:12 PM
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#8 | | I told him no, what y'all do?
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IMO the question isnt what are the chances you'll get caught, but rather what will happen if you get caught.
for $2000 i personally wouldn't risk that. I remember selling a car for below market value (i needed it gone) and the lady at the insurance office was like woah so cheap?! i said there were problems with imperfections with it (dirty interior, scratches on the paint, worn out from tires etc.) so she said she'd make a note on the sale form that the price was adjusted according to condition of vehicle. she said she did that in case CRA audited me at least there was indication as to why the car was sold so low.
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06-13-2011, 03:20 PM
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#9 | | My AFC gave me an ABS CEL code of LOL while at WOT!
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yeah just say that one of the cylinder is misfiring which is why it's so cheap
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06-13-2011, 03:22 PM
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#10 | | MiX iT Up!
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The car is listed at 15. My plan was to put it as $5000 , and pay the $600 tax.
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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06-13-2011, 03:50 PM
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#11 | | My AFC gave me an ABS CEL code of LOL while at WOT!
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^ are you chinese?
you could probably get away with 8 or 9g but 5? c'mon..
even at 9 its only 480 bucks more than what you originally wanted to pay for taxes
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06-13-2011, 03:58 PM
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#12 | | I contribute to threads in the offtopic forum
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If you buy the car well below market value because of "mechanical defects" if ICBC ever inquired about it, then you could let them know you fixed the defects defects yourself. I dont really see how they would be able to prove anything.
If you gift it on the other hand, theyre going to wonder why a complete stranger is giving you a free car, and i dont really see what kind of explanation you would be able to offer them.
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06-13-2011, 04:01 PM
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#13 | | MiX iT Up!
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^ I found this thread after I created this: http://www.revscene.net/forums/selli...t608476p2.html
refer to post# 29 - the guy seems to work for autoplan.
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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06-13-2011, 07:22 PM
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#14 | | I'm invisible
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I've heard recently that CTB-Consumber taxation branch is cracking down on gift vehicles. Some people who were gifting vehicles got caught with a bill in the mail for the taxes. Next they are likely to track down on people who are using 'price of vehicles under 90% value'.
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06-13-2011, 08:09 PM
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#15 | | I WANT MY 10 YEARS BACK FROM RS.net!
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"He's a plumber, I caught him sleeping with my neighbour's wife. He wants to keep my mouth shut and offers me a car at very low price."
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06-13-2011, 08:14 PM
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#16 | | Rs has made me the woman i am today!
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man...so many hear say..i heard this and i heard that...
just fill out the form for gifting and see what happens..
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06-13-2011, 09:34 PM
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#17 | | Need to Seek Professional Help
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Don't be a pussy and fill out the form.
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06-13-2011, 09:47 PM
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#18 | | Hyde's Understudy
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Don't be a pussy and pay the damn taxes on the value of the car.
Scamming the government is still scamming, karma is a bitch.
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06-14-2011, 12:35 AM
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#19 | | Wanna have a threesome?
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What will you tell ICBC when they inform you they've subpoened the bank records of both parties and they have evidence that $15,000 was withdrawn from your account and deposited into theirs, coincidently on the same date the car was sold.
Taxes are less than lawyers fees. Quote:
Originally Posted by vitaminG If you buy the car well below market value because of "mechanical defects" if ICBC ever inquired about it, then you could let them know you fixed the defects defects yourself. I dont really see how they would be able to prove anything.
If you gift it on the other hand, theyre going to wonder why a complete stranger is giving you a free car, and i dont really see what kind of explanation you would be able to offer them. | Posted via RS Mobile | |
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06-14-2011, 12:40 AM
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#20 | | Rs has made me the woman i am today!
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Originally Posted by JesseBlue man...so many hear say..i heard this and i heard that...
just fill out the form for gifting and see what happens.. | Quote:
Originally Posted by 2damaxmr2 Don't be a pussy and fill out the form. | terrible advice... any real reasoning as to why he shoudl do this?
OP, You're spending 15 grand on a car, and are risking tax fraud because you wanna save $1200.... If you can't afford the taxes find a cheaper car.
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06-14-2011, 08:50 AM
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#21 | | Revscene.net has a homepage?!
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your signature says "make the effort and take the risk.."...
if I were you, I'd just pay the taxes on what you paid and call it a day.
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06-14-2011, 09:34 AM
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#22 | | ninja edits your posts without your knowledge
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The thing you actually should consider is if shit hits the fan, how likely is the seller going to flip you?
Do you think the seller will stand by your side throughout the investigation? I'm willing to bet all my life's savings that the seller will flip on you the second he/she hears there is an investigation and pin everything on you.
Now that they have his/her word, what do you have?
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06-14-2011, 09:51 AM
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#23 | | I told him no, what y'all do?
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| Quote:
Originally Posted by JesseBlue man...so many hear say..i heard this and i heard that...
just fill out the form for gifting and see what happens.. | this is the response i was expecting on RS
RS did not disappoint! 
__________________ Feedback
http://www.revscene.net/forums/showthread.php?t=611711 Quote: Greenstoner
1 rat shit ruins the whole congee
originalhypa
You cannot live the life of a whore and expect a monument to your chastity | Quote:
[22-12, 08:51]mellomandidnt think and went in straight..scrapped like a bitch
[17-09, 12:07]FastAnna glowjob
[17-09, 12:08]FastAnna I like dat
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06-14-2011, 10:12 AM
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#24 | | I contribute to threads in the offtopic forum
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| Quote:
Originally Posted by Fafine ^ are you chinese?
you could probably get away with 8 or 9g but 5? c'mon..
even at 9 its only 480 bucks more than what you originally wanted to pay for taxes | hahah, thats a racist statement/assumption. Pay your taxes, you will sleep better
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06-14-2011, 12:56 PM
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#25 | | I contribute to threads in the offtopic forum
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Originally Posted by CRS The thing you actually should consider is if shit hits the fan, how likely is the seller going to flip you?
Do you think the seller will stand by your side throughout the investigation? I'm willing to bet all my life's savings that the seller will flip on you the second he/she hears there is an investigation and pin everything on you.
Now that they have his/her word, what do you have? | This!
because its the purchaser's responsibility to pay the taxes....
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