straight vehicle trades process

[haymura]

does anyone here have any experience doing a straight trade of their vehicle for another vehicle privately? What is the process in autoplan? are there any fees or taxes both parties have to pay? if there is, can you claim it as a gift to each other to avoid paying?

any info is greatly appreciated.

[umpadupa]

u dont need to gift, just need the 2 of u 2 show up; sign 2 transfer forms as Fair trade; no cash on top. ( if there is cash, u will be taxed HST on that)
( please dont lie about taxes, im sure its not taht much anyways, not enough to have taxation crawl up ur ass)
transfer fee is $28 ( i think both of u have to pay it. so $56 total)
and plates are $18 each or u can also transfer ur new plate onto the traded car at the same time.

and if the car is owned by 2 ppl, we do need both signatures from both parties matching the registration

[jasonturbo]

Here is how private trade works...

http://www.icbc.com/vehicle-registra...ansfer-tax.pdf

This info can be found on the transfer form.

Just like a doing a trade at a dealership, taxes apply to any cash that is exchanged.

So if it's a straight up trade, you dont pay any taxes, but if ICBC feels the value of the two vehicles being traded are not within a reasonable range, they may question why such a trade is taking place as they assume you are lying to avoid paying taxes. They can ask for "documentation" to back up the trade... dont ask me what that would be? (bank records?)

If the trade involves one party having to tade+cash on top, that party who puts the cash down has to pay taxes on the difference between the two trades. (Whatever the cash exchaned, is what will be taxed)

EDIT+ Beat me to it.

[haymura]

thanks for the info guys!