Trade Ya!

Discussion in 'General Discussion' started by HerrDeacon, Jun 18, 2020.

  1. HerrDeacon

    HerrDeacon Active Member

    Anyone here ever trade vehicles? Am I correct in saying if it’s a trade no taxes need to be paid (as long as no money exchanges hands)? I remember chatting with ProZac about it a few years ago when I was trying to sell my Suzuki and he sent me a photo of the form but I can’t seem to find the actual form anywhere online or any info at all for that matter. Anyone know the process before I try and contact MR? Details are scanty.
     
  2. Backdraft

    Backdraft Active Member

    Worst case scenario is download and print 2 affidavits from MVR site and and get it signed and stamped by a notary person for both vehicles....
     
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  3. Bob

    Bob Active Member

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  4. RossKean

    RossKean Active Member

    No idea what the rules say about a private trade of a vehicle. In NB, you pay tax on the difference in price if you are trading vehicles at a dealer. I don't think it works on a private sale - at least not here.
    I was selling a bike ten or so years ago and we were buying a used car from a dealer. I found a buyer for my bike and the dealer allowed me to run the transaction through them. The dealer took my bike in trade and then my buyer bought the bike from the dealer and paid taxes (of course) but I only paid tax on the difference between the bike and the car. AS for a straight trade with no money changing hands, I would check with Motor Vehicles in the province and make sure. If it can't be done privately, maybe you can find a dealer who would help you facilitate the deal as a favor.
     
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  5. HerrDeacon

    HerrDeacon Active Member

    Thanks guys, I'll check with MRD to see if they have some kind of procedure/forms for it but was really hoping someone here has gone through the process before.
     
  6. Wayne

    Wayne Well-Known Member

    I think gifting is between family members only. I had a truck gifted to me, no taxes, no vehicle inspection required.
     
  7. HunterSon

    HunterSon Active Member

    I did it last year when I did a private trade for the XT250 with the CB500F. Made up my own form in duplicate for the two parties involved. It said that we agreed the two vehicles were of equal value of $XXXX amount and we were making an equal exchange. Full description of both veh. on the letter along with our signatures and drivers lic. numbers. DMV never questioned it. Both vehicles do realistically have to be worth approximately the same value.
     
    Last edited: Jun 19, 2020
  8. HerrDeacon

    HerrDeacon Active Member

    That's perfect, thanks for outlining the steps. Did the two of you have to go into the DMV together or can do separately? I found the form ProZac sent me and attached it here. Can't seem to find an official version of this online anywhere though.
     

    Attached Files:

  9. HunterSon

    HunterSon Active Member

    Nope, did it separately. He was from Pinware and mailed his copy in while I waited in line at the DMV in Mount Pearl. I will try and dig up the letter this weekend and send it to you.

    Edit: I just looked at the form above and section 7 was just about identical to the letter I made.

    Edit2: This is the only reference I could find to vehicle swaps on the Motor Vehicle Registration website:
    https://www.gov.nl.ca/snl/vehicleregistration/salestax/#5
     
    Last edited: Jun 19, 2020
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  10. HerrDeacon

    HerrDeacon Active Member

    Ok sounds good, I can go with that. That was the section that ProZac filled out as well (he filled out sections A, B, C and 7). If I can't find the actual form I can just print what he sent and fill it out.
     
  11. Bob

    Bob Active Member

    You're right, they'll have to pay taxes. Bummer:mad:
     

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