OHFASTONE@aol.com wrote:
>
> Looking at the fact that at least two people had to pay tax on what it was
> valued and not actual cost, does this mean that it's possible that if a store
> has a 50% off sale, when you get to the register you have to pay tax on its
> value? Kust a thought.
The law is likely in force because it was all-too-common for
private sellers to lie about car sale prices to save tax.
Perfect original Aston Martin DB-4 sold for $100, pay up
that sales tax!
In Ontario, they do this for new-ish cars, anything new
enough to appear in the book uses the (some colour) book
to determine the value. I've not had a problem with this
so far, generally it's about what I pay for the car (maybe
I am getting ripped off on cars)
For older cars like most british classics, no book value
exists, so you pay what the receipt says.
Words of warning though, if you lie on the receipt and
later decide to sue the seller, guess what, you can only
sue for the $100 or so you put on the bill of sale.
I have had to resort to legal measures in the past myself,
so keep that in mind.
--
Trevor Boicey, P. Eng.
Ottawa, Canada, tboicey@brit.ca
ICQ #17432933 http://www.brit.ca/~tboicey/
"...if never to be seen again, you're in my air" - Ajax
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