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My question is: Canadian-specific
QUESTION: I am currently seperated from my husband. We have 2 cars, both ownerships are in his name only. I would like to take one of the cars and tranfer it to my name only without having to pay any taxes. How do I go about doing this?
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david ingram replies
You are hitting close to home. My wife Jose left me and the kids for another man, Bill Brown-John, last June and the house, the cars, the motorhome, the business and the boat were and "are" all in her name. Bill asked her to leave a month ago and "NOW" she wants to "keep it all" and is also now going for custody of the kids as well according to her lawyer, Rain Henderson.
But, you and I are both lucky because the BC Family Relations Act gives spouses (upon a triggering event) an equal split of family assets which usually includes all the above items (minus the kids of course).
In your case, your husband can transfer a car to you without having to pay PST or GST or income tax providing the car is in his name and not registered to a Company. If it is registered to a company, you will have to pay PST and likely GST as well.
Just make up a bill of sale for a dollar and a BC Social Services Tax form (available at the motor vehicle branch or most insurance agents or any car dealer) and put down that it is a transfer form husband to wife to avoid the 7.5% BC Sales tax.
HJopefully you can settle your property differences amicably.
Good Luck!
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