Boat sale paper work

[Capt_Ed]

So I may have a sale for my boat and am wondering about the paper work. I bought mine in the states and then registered it up here. What are my requirements to complete the sale when a this guy shows up with the money.

 

[Foxsea]

Once registered in Canada, it's just another boat. Write up a Bill of Sale with full names, addresses, (use Driver's Licenses) the boat registration and HIN numbers, all included items such as downriggers and electronics and the total Sale/Purchase Price. You should list and price a kicker and accessories separately to minimize tax. Both Parties must sign and date it. An identified Witness is necessary, too. It's the responsibility of the Purchaser to register the boat and to pay the tax.

 

[baddogg]

I do the trailer separately. Taxes on the trailer are paid to ICBC when it gets registered. Boat taxes are separate.

 

[smp747]

Here's a draft bill of sale my insurance guy gave me yesterday to use.

 

[ziggy]

This is info for the purchaser. To be safe I would definitely have a bill of sale because a lot of purchasers don’t re license the boat to save on taxes. I personally don’t want to be the last owner of record on a boat I sold years previously. Here an excerpt from the BC government site. No wonder guys don’t want to complete ownership changes but it’s the rule none the less.

Boats Purchased at a Private Sale in B.C.
If you purchase a boat at a private sale in B.C., you must pay PST at the rate of 12% on the purchase price of the boat, including accessories, unless a specific exemption applies. For information on how to pay the PST, see Paying the PST below.

 

[beemer]

A side note to all this great thread info. If the purchaser wants you to put a lower price on the bill of sale make sure that the difference between the actual price and the bill of sale price is paid in actual cash. I am not promoting cheating the gov’t but I have known several boat related provincial audits that have been triggered by boat sales. Big Brother is watching…

 

[ziggy]

A side note to all this great threat info. If the purchaser wants you to put a lower price on the bill of sale make sure that the difference between the actual price and the bill of sale price is paid in actual cash. I am not promoting cheating the gov’t but I have known several boat related provincial audits that have been triggered by boat sales. Big Brother is watching…

Threat info?

 

[beemer]

Threat info?

Sorry ziggy , thread

 

[Foxsea]

A side note to all this great thread info. If the purchaser wants you to put a lower price on the bill of sale make sure that the difference between the actual price and the bill of sale price is paid in actual cash. I am not promoting cheating the gov’t but I have known several boat related provincial audits that have been triggered by boat sales. Big Brother is watching…

It's low-hanging fruit for audits, once you register. The seller will fess up rather than accept the threat of a tax fraud charge. The auditors get 7 years of computer scans on many cross-indexed files to sniff it out. Even cash, actually especially cash, came from somewhere so it has a trail, too.