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Quick question regarding sale of car:
If I own an M5 and the blue book value is 30k and I sell it for 18k to a friend I realize that is quite a large gap. In the past as the buyer I was actually dinged for taxes in a similar scenario but now as the seller if that is the honest price I am selling it for will I in anyway get in trouble with the law or CRA?
I know they make the seller sign off on "selling price" on the transfer tax form now. Just wanting to know if I will be on the hook for anything.
Thanks.
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