| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
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11-23-2011, 02:58 PM
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#1
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Ready to be Man handled by RS!
Join Date: Mar 2005
Location: Vancouver
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Question on Trading cars
I always see FT cars from Classified section, I am just wondering how does it work?
Say me and the OP agreed to trade our cars, my Accord to his Camry with no addition cash. So we both go to Autoplan, and pretend I am buying his car, and he is buying my car? then we both pay tax(HST?) for the car we are getting?
for the tax, if the car is worth $10k, and I say that I only paid $1k for it to lower the tax I am paying. later on if car got stolen, then ICBC will only pay me $1k right?
Sorry for the dumb questions 
I am not too smart....
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11-23-2011, 03:02 PM
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#2
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Rs has made me the woman i am today!
Join Date: Mar 2010
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no, nothing you said is right lol
You can straight trade and neither of you pay tax. There is a box you check on the form that states you are trading for another good worth 'x'.
If it gets stolen or written off, ICBC will pay what they think its worth/what current ones are worth that are similar, has nothign to do with what you paid.
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11-23-2011, 04:28 PM
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#3
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RS has made me the bitter person i am today!
Join Date: Mar 2011
Location: Vancouver
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ICBC | transfer-tax.pdf
Are you referring to this form where you enter the trade value?
Presumably if I'm doing a straight trade then each person enters the trade value as equal to the sale price of the car. If it's not straight trade then one person ends up paying HST on the difference?
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11-23-2011, 04:38 PM
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#4
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Rs has made me the woman i am today!
Join Date: Mar 2010
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yes. If you pay the guy an extra $5000 on top of trade, you pay tax on $5k.
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11-23-2011, 04:39 PM
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#5
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RS has made me the bitter person i am today!
Join Date: Apr 2010
Location: Guadalajara
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Jgresch is the Revscene Jim Pattison 
knows dealerships in and out and in again.
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11-23-2011, 05:06 PM
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#6
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Rs has made me the woman i am today!
Join Date: Mar 2010
Location: PM
Posts: 4,476
Thanked 3,349 Times in 843 Posts
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This isn't dealership stuff lol I was actually wondering this myself a while ago and had to research too 0_o
http://www.revscene.net/forums/63404...y-pay-tax.html
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11-24-2011, 12:19 PM
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#7
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Ready to be Man handled by RS!
Join Date: Mar 2005
Location: Vancouver
Posts: 85
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Thanks Jgresch!!!
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