Posted October 5, 2022: ICBC Private Vehicle Sales – PST Collection Change effective October 1, 2022
Attached is the latest ICBC guideline on Provincial Sales Tax (pst) for private used car sales.
They have been using this unofficially for some time now.
Heads Up
We don’t advertise; however, Elizabeth has helped many car people throughout the province, with collector car registration and insurance concerns.
A lot of transactions can be handled over the phone or via e mail.
Elizabeth Mary McInnes, CAIBOkanagan Regional Manager
Maxxam Insurance Services
1604 Powick Road
Kelowna BC, V1X 7G5
Direct Cell Phone: 250-590-7185 (Victoria local)
Phone: 236-420-6655
Fax: 236-420-6660
Email: emcinnes@maxxaminsurance.com
Website: www.maxxaminsurance.com
Talking to Customers – PST Change
Key Messages
• Earlier this year, the Ministry of Finance announced that effective October 1, 2022 changes will be made to how the Provincial Sales Tax (PST) will be calculated on vehicles purchased privately or imported into Canada.
• Any vehicles sold or purchased by a PST/GST registrant (such as a dealership) will not be impacted by this change.
• This change means that at the time of registration, brokers will compare the average wholesale value (Canadian Black Book) and the declared purchase price value, and select the greater value of the two to calculate the PST amount that is due.
• While there are some exceptions such as gifted, modified, and collector vehicles, generally the PST collected on a motor vehicle purchase will be either the purchase price or the Canadian Black Book value, whichever is greater.
• Questions or concerns regarding the new PST rules can be forwarded to CTB. Visit their website at gov.bc.ca/pst, call them toll free at 1-877-388-4440 or email CTBTaxQuestions@gov.bc.ca.
Transfer Tax Forms
• ICBC will be revising the Transfer/Tax forms to reflect this change. Fillable PDF versions of the Transfer/Tax Forms (APV9T) are available on ICBC.com.
• Paper copies will be distributed to broker offices once they are available.
Appraisals
• If you believe the actual value of your vehicle is less than the average wholesale value due to various factors such as excessive wear, vehicle damage or mechanical issues, you have two options on how to proceed:
o you can decide to not proceed with the transaction and have the vehicle appraised and then return to complete the transaction, or
o you can choose to proceed with the transaction and pay PST on the higher amount and then complete the appraisal and submit the required documents to Consumer Taxation Branch within 30 days.
o Please be aware that, in order to be eligible to submit an appraisal, the purchase price must be lower than the wholesale value.
• The Motor Vehicle Appraisal Form (FIN320) can be found on the Consumer Taxation Branch website.
• The appraised retail value of a vehicle can be determined by:
o a motor dealer registered under the Motor Dealer Act,
o a person authorized under the law of another jurisdiction to carry on business in that jurisdiction in a manner similar to a motor dealer under the
Motor Dealer Act, or
o a person whose business it is to appraise vehicles.
• Questions about the completing the Motor Vehicle Appraisal Form (FIN320) should be directed to Consumer Taxation Branch.
• If the appraised value of the purchase price are both less than the average wholesale price of the vehicle, the PST calculation will be based on the purchase price or the appraised value, whichever is greater.
• If you want to get an appraisal before registering, the appraisal must be completed within 30 days before you register the vehicle.
Refunds
• For a refund to be considered, the appraised value and the purchase price must both be less than the average wholesale value of the vehicle.
• The Consumer Taxation Branch will calculate PST due on the purchase price or the appraised value of the vehicle, whichever is greater.
• If you are eligible for a refund, you will need to submit the completed Motor Vehicle Appraisal Form (FIN 320) to the Consumer Taxation Branch, along with an Application for Refund of PST Paid on a Motor Vehicle (FIN 355/MV).
• Consumer Taxation Branch must receive the documents from customers within 30 days from the date of registration to receive a refund, if eligible.
• All refund applications must be mailed to the Consumer Taxation branch and will not be accepted by email or fax. Address:
PO Box 9628 Stn. Prov Govt
Victoria, BC V8W 9N6
• Postmarks will not be honoured.
More information
• If you have questions related to the new PST rules, appraisals or refund process, contact the Consumer Taxation Branch.
• You can also refer to the government’s Provincial Sales Tax Bulletin for more details.
• You can contact Consumer Taxation Branch at the following contact information: Online: gov.bc.ca/pst Toll free: 1-877-388-4440 Email: CTBTaxQuestions@gov.bc.ca
~~~~~~~~~~~~
REMINDER: (Reposted Aug.19.22)
Passing of Joint registered owner of a Collector Plated Vehicle Enacted Policy change June 2020
This is HUGE, it includes everyone that has a vehicle in joint ownership with their spouse, son, daughter.
Simply put if two family members are registered owners of a collector vehicle and one of the registered owners passes then the following is the process:
Collector Plated vehicle Joint ownership
When a vehicle is jointly owned and one owner passes away the survivor automatically gets sole ownership of the vehicle. In these cases, the surviving owner only needs to bring in a death certificate.
Your ICBC Broker must call their support person and have the deceased removed from the plate and the surviving owner can retain the plate.
A death certificate is required and proof of your identity.
Your ICBC Broker can do this, however it can only be when the ICBC specialist in North Van office is on duty Monday to Friday 9:00am to 3:30 pm is best time frame. Your Broker must contact their support person.
We recommend the surviving registered owner wishing to retain the collector plate and Collector status attend their Autoplan broker’s office before the insurance expires. Plates with active insurance are able to be transferred same day whereas lapsed plate transactions can take up to three weeks due to system limitations.
If you follow this process the plate can be retained and there is no requirement to reapply.
Bob
~~~~~~~~~~~~
Posted: January 22, 2022
Here is a important letter (scroll down) from ICBC regarding a change in documents, this will take place when you renew or apply.
Please forward to your friends, this affects almost everyone.
Best Regards
Bob Kelly
SVAB Pres
This letter is to inform you of some important changes that are happening with card services at ICBC. ICBC has a new card provider for issuing B.C. Driver’s Licences, B.C. Identification Cards and B.C. Services Cards. Starting in late January 2022, the new cards will be issued to customers who are renewing or replacing cards or that are being issued a new card. The new cards will be similar to the current ones with some exceptions to the design including a glossy finish and repositioning of some of the data fields.
Existing cards remain valid until their expiry date. There is no need to replace existing cards unless they are lost, damaged or stolen.
More information:
Card design changes handout https://www.icbc.com/partners/driver-services/Documents/icbc-card-feature-changes.pdf
Business partners page Licensing & ID https://www.icbc.com/partners/driver-services/Pages/default.aspx
Questions can be sent to cards@icbc.com