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Title: Did you know? Post by: can machine on April 18, 2007, 06:40:29 pm Maybe this is common knowledge but after several conversations with the MTO and a couple different offices I found out a few things. I called the MTO to inquire about my parts car. The previous owner wanted to make sure that the car was not going to remain in his name which is understandable. I called the MTO to find out what to do. I didn't want to pay tax on what a normal 1987 GT was worth since mine had no engine, tranny and suspention. I was told that I would have to pay what ever the book value was on the car, end of story. I asked around to a few people and found out that because the car was 20 years old there was no book value anymore and I could have the car registered as unfit. This way I only had to pay what was on the bill of sale.
Now I just have to get my silver notchie safetied and appraised (yes I said appraised) then I can get the ownership changed over to me. Title: Re: Did you know? Post by: FieroBUZZ on April 18, 2007, 08:10:00 pm Yes, since older cars have a wildly varying value, MTO has begun to request (demand?) an appraisal to prove it's worth for tax purposes.
Normally, you would pay the higher of the bill of sale or the book value the MTO uses. In the case of a parts car, you should be able to just have a mechanic note that it is unfit for road use and use the bill of sale. You could just strip it and send it off to the scrappy without registering it in your name (unfit). However it IS wise on the part of the previous owner to get it changed...........just in case the VIN tag goes astray and is still "his". G |