Curbsiding WTF?

[gstq]

I'm so confused lol.. Someone told me that what I do is curbsiding. About a few weeks ago I decided to get into buying and selling cars. Now this is completely legitimately. I find good deals on cars, buy them, detail them and make them look nice, and sell it for a few hundred more. Apparently this is highly illegal and I can get in serious shit if I'm caught, but I don't see why. I'm not hurting anyone. I'm not being dodgy. I'm completely open with the buyer, telling them everything they need to know about the car and all that stuff.

Can someone tell me why this is illegal?

[gstq]

And shit, if any of my buyers had a problem with the car, I'd probably help them out. So can anyone tell me why this is illegal?

[Sharpie]

Because you are not a business. You are making money and not paying any taxes on it...

[gstq]

And that's the only reason this is frowned upon?

[gstq]

What if the car is put in my name and the taxes are paid when the ownership is transferred (as you have to pay the taxes on the Red Book value in Ontario)? Any problems with that?

[redline_13000]

thats not illegal, not paying taxes on it is.

[gstq]

Awesome, thanks for the help guys. :)

[3G]

You're not paying taxes on the money u earn

[gstq]

Ohhh... so it's basically tax evasion?

[Sharpie]

Originally posted by gstq
Ohhh... so it's basically tax evasion?
Not just that but most curbers make shitty cars 'good'

[gstq]

Well as I said, I'm just trying to do it legit. So I'm just evading taxes. Oh well, life must suck for the government. :thumbsup: :nut: :dunno:

[ninspeed]

You can only do so many a year with out needing a licence to sell cars. You also need a business licence, and insurance once you reach this point. It more than just tax evasion. The laws are there to protect the buyer.

[Sonic Racing]

When you get caught (and it's not if you will) the consequences are huge, quite a few guys in BC have been caught "curbing" and they have been sent to the cleaners. Tax Evasion is not something to joke about. You have been warned.

[FiveFreshFish]

Originally posted by gstq
Well as I said, I'm just trying to do it legit. So I'm just evading taxes. Oh well, life must suck for the government. :thumbsup: :nut: :dunno:

Obviously, you've never had the pleasure of being tax audited. ;)

[Cornfed]

Yea I also heard it was all good as long as you only bought/sold a certain number per year. Then as ninspeed mentioned, a business license was needed after that.

[finboy]

tax evasion is no joke, i've had a couple buddies that have been audited before, NOT fun.

[rage2]

if you make money buying and selling more than 2 cars a year, you must report your earnings. And yea, once you get audited, you're screwed. It doesn't suck to be the government, they can go back 7 years, find your earnings you made with each car you bought and sold, re-assess your income taxes, then add fines for evasion. From there, that money from 7 years ago gets interest added to it up to now. Repeat that for 6 years ago, 5 years ago, etc. and it gets fucking pricey.

I lost about 10k worth of invoices in my business which were re-assessed as income and ended up settling with CCRA for about $65k. It's no laughing matter.

[gstq]

Well what if I claim these vehicles (the profits from them) on my taxes at the end of the tax year? Am I good to go then?

[3G]

Originally posted by gstq
Well what if I claim these vehicles (the profits from them) on my taxes at the end of the tax year? Am I good to go then?

You have to have a business license, for a city license you need to have a place to sell them from (lot?) and u need to get an AMVIC license

[Palmiros]

Never knew this.. good to know.. :rolleyes: