Thread: Craigslist good buys
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Old 05-15-2019, 10:23 PM   #25447
Jmac
Willing to sell body for a few minutes on RS
 
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Quote:
Originally Posted by Gh0st View Post
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.
Quote:
Originally Posted by Energy View Post
No, the seller has no liability. The CRA will only go after the buyer.
Assuming this is a private sale of a used vehicle, there is no GST, so the CRA (federal) shouldn’t get involved. It’s 12% PST.
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