Is your vehicle being valued too high for the PST Transfer Tax?
On October 1, 2022 – The British Columbia Provincial Government made changes to how PST is applied to the purchase of used vehicles through private sales.
The PST will be calculated by determining the average wholesale value or using the designated purchase price, whichever is higher.
The wholesale value provided may be higher than the designated purchase price due to:
- Previous accident declarations
- Mechanical issues
- Higher mileage
- Rebuilt title
- The overall condition of the vehicle is poor
- Or all of the above
Although the Fournier Auto Group can provide these reports we will refer you to other firms focused on these appraisals. If you have any questions please give us a call.
778-908-2804
British Columbia Provincial Sales Tax (PST) Notice 2022-005 Issue September 2022
British Columbia Provincial Sales Tax (PST) Notice 2022-005 Issue September 2022
Effective October 1, 2022, the purchase price of a motor vehicle purchased at a private sale in B.C., purchased at a private sale in Canada and imported into B.C., or imported into B.C. from outside Canada is determined using the following rules.
At the time of registration, the average wholesale value of the motor vehicle is determined using the Canadian Black Book valuation guide
If the average wholesale value of the motor vehicle is greater than the designated purchase price of the motor vehicle, the average wholesale value is considered the purchase price of the motor vehicle for the purpose of calculating PST due
If, at the time of registration, a purchaser presents the Insurance Corporation of British Columbia (ICBC) with a completed Motor Vehicle Appraisal Form(FIN 320) and the appraised value and the designated purchase price are both less than the average wholesale value of the motor vehicle, the purchase price, for the purpose of calculating PST due, is the greater of the designated purchase price and the appraised value
PST due is calculated on the purchase price using the applicable PST rate (for more information about PST rates for vehicles, see Bulletin PST 308, PST on Vehicles) and is collected by ICBC when the motor vehicle is registered.d
“Highly recommend getting Rob Fournier to get you back the money you deserve on the financial loss you have suffered on the value of your vehicle. I had an extensive amount of damage done to my new car by a negligent driver. Although ICBC paid for allthe repairs I was still at a loss for the depreciated value of my vehicle. Rob provided mewith an Accelerated Depreciation Report which got me my lost value back from ICBC. I was able to keep it out of court which was a huge time saver and spared me the stress.Rob was also very helpful, insightful and professional. From my personal experience I would recommend Rob's services to anyone who is facing a similar circumstance.”
- Teha Lagah
“Rob at Fournier Auto Group was extremely helpful in assisting me with my accelerateddepreciation claim. He went over and above just simply preparing the report. It is obvious they are passionate above improving the the current ICBC system dealing with these types of claims”
- Mark A
“I highly recommend Rob Fournier. I had a motor vehicle accident May 25 2018. He made a very stressful incident less stressful. His expertise in the auto industry and ICBC was exceptional.Rob helped me get the adequate amount for accelerated depreciation for my new car.”