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Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n

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Old 10-18-2022, 02:06 PM   #51
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Quote:
Originally Posted by k3mps View Post
Didn't take long for a news example.

https://vancouver.citynews.ca/2022/1...000-value/amp/

I love the Province's answer in the article: "It also says it can be done by a business outside of B.C. "
12% on $1200 = $144
12% on $4000 = $480
Difference is $336

It’s the principle, but I’m pretty sure that it’s not worth the time and expense to fight $350. At the end, buyer/seller lose money.
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Old 10-18-2022, 02:27 PM   #52
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^^ so are you gonna round up your income and property tax to the next thousand?
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Old 10-18-2022, 11:28 PM   #53
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^^ so are you gonna round up your income and property tax to the next thousand?
I’m not saying I agree with the new policy. However, time is money. Why spend $200-250 (my guess) for an appraisal when the taxes owed is $350? Move on and make money elsewhere.
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Old 10-19-2022, 09:31 AM   #54
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Sounds like a sick new business idea, since the appraisals can be done remotely.

Dont know what it takes to get registered as an appraiser. But seems like easy money. Get the person to take some pictures of the car, list the issues, etc. Boom appraisal done.

Post your services on here, and a couple places on FB, and bet you will have lots of people lined up for your services.
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Old 10-19-2022, 09:33 AM   #55
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icbc can kbb my write off



oh wait... I drive old ass rovers now so lets bae it off BaT prices
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Old 10-19-2022, 10:41 AM   #56
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^^ I honestly don't know how ICBC values cars, I see $3000 to $6000 cars get into $4000 accidents and they still get fixed, clean title not sure if it's cuz it's still cheaper to fix than payout
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Old 10-19-2022, 11:24 AM   #57
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Old 10-20-2022, 09:52 AM   #58
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Old 10-20-2022, 05:01 PM   #59
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Originally Posted by JDMDreams View Post
^^ I honestly don't know how ICBC values cars, I see $3000 to $6000 cars get into $4000 accidents and they still get fixed, clean title not sure if it's cuz it's still cheaper to fix than payout
ICBC values cars VERY high right now. They will fix almost anything atm.

We managed to write off the 4k rebuilt Z4 and got 7k.
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Old 10-21-2022, 11:27 AM   #60
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Originally Posted by meme405 View Post
Sounds like a sick new business idea, since the appraisals can be done remotely.

Dont know what it takes to get registered as an appraiser. But seems like easy money. Get the person to take some pictures of the car, list the issues, etc. Boom appraisal done.

Post your services on here, and a couple places on FB, and bet you will have lots of people lined up for your services.
Someone is on it already

https://www.dealteamsix.ca/?gclid=Cj...4aAgU5EALw_wcB

$100 a pop, however I wonder how they prove they are legit.

My manager did an appraisal yesterday as a favour for someone, obviously we have all the licenses to validate that appraisal. (business license, wholesae, VSA, dealer etc etc)
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Old 10-21-2022, 03:58 PM   #61
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Is ICBC looking for that "appraisal form FIN-20"? I can't find the form online.
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Old 10-22-2022, 02:11 AM   #62
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Is ICBC looking for that "appraisal form FIN-20"? I can't find the form online.
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Old 11-01-2022, 01:22 PM   #63
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I was rear-ended at a red light recently. Car is likely a write-off as it's an 09. Am I to understand that when ICBC cuts me a cheque for their perceived value of my car, I will then go purchase a used replacement vehicle, and ICBC will substantially ding me on what I end up buying?
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Old 11-01-2022, 01:36 PM   #64
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Yes and no.

ICBC will value your car based on blue book pricing, plus they'll add PST/GST. They'll pay you out accordingly.

Now if you choose to buy a replacement vehicle, you will have to pay PST on the purchase, which goes to the provincial government. The PST for your replacement car is calculated using blue book pricing, not the actual price negotiated.

So depending on how much you get for the write-off, and what kind of replacement car you buy, and how much you pay for it, it's too early to say if you'll get substantially dinged or not.
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Old 11-01-2022, 02:17 PM   #65
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Originally Posted by Bouncing Bettys View Post
I was rear-ended at a red light recently. Car is likely a write-off as it's an 09. Am I to understand that when ICBC cuts me a cheque for their perceived value of my car, I will then go purchase a used replacement vehicle, and ICBC will substantially ding me on what I end up buying?
as opposed to what?

you would always have paid tax on your replacement vehicle (old or new system)
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Old 11-03-2022, 02:46 AM   #66
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so what happens when i gift my cars to family or friends for free? they have to pay tax? that's ridiculous. I transfer my cars between my family all the time when I don't need them so they can buy insurance.
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Old 11-03-2022, 07:47 AM   #67
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Friend recently bought a car privately last week and he paid $5k more than the ICBC black book value so ICBC charged him PST based on the higher amount that he paid
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Old 11-03-2022, 09:21 AM   #68
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Friend recently bought a car privately last week and he paid $5k more than the ICBC black book value so ICBC charged him PST based on the higher amount that he paid
obviously on a private sale you would find out in advance what the black book amount is and try to declare the selling price to be that exact amount. unless the seller is a dik this is a no brainer.


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so what happens when i gift my cars to family or friends for free? they have to pay tax? that's ridiculous. I transfer my cars between my family all the time when I don't need them so they can buy insurance.
unless your family were these people, you haven't been able to do what you're doing for years. all the power to you - but it's been this way for ages.

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“Related individual” means:
(a) a person’s spouse (legally married or living for
a continuous period of at least 2 years with another
person in a marriage-like relationship), child, grandchild,
greatgrandchild, parent, grandparent, greatgrandparent,
or sibling, or
(b) the spouse of a person’s child, grandchild or great
grandchild, or
(c) the child, parent, grandparent or greatgrandparent of
a person’s spouse.
you couldn't gift a car to a friend for free and pay no tax, even before this most recent change

is there still a close family exemption under the new system? I don't know. the forms continued existence on the gov website implies that it is still a thing.
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Old 11-03-2022, 12:18 PM   #69
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i believe its family only.

https://www2.gov.bc.ca/assets/gov/ta...ft-vehicle.pdf

“Related individual” means:
(a) a person’s spouse (legally married or living for
a continuous period of at least 2 years with another
person in a marriage-like relationship), child, grandchild,
greatgrandchild, parent, grandparent, greatgrandparent,
or sibling, or
(b) the spouse of a person’s child, grandchild or great
grandchild, or
(c) the child, parent, grandparent or greatgrandparent of
a person’s spouse.
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Old 11-06-2022, 04:51 PM   #70
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obviously on a private sale you would find out in advance what the black book amount is and try to declare the selling price to be that exact amount. unless the seller is a dik this is a no brainer.
Yup - About the pull the trigger on something and after emailing the consent thing into them they were able to provide me the BB value... which I will be... coordinating... to produce a more favorable outcome for me financially....

So basically... this is EXACTLY like the old system. In this situation. lol.
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Old 11-06-2022, 09:18 PM   #71
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Well there's one more phone call, and not all cars sell for $1000 anymore
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Old 11-25-2022, 03:55 AM   #72
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Quote:
Originally Posted by meme405 View Post
Sounds like a sick new business idea, since the appraisals can be done remotely.

Dont know what it takes to get registered as an appraiser. But seems like easy money. Get the person to take some pictures of the car, list the issues, etc. Boom appraisal done.

Post your services on here, and a couple places on FB, and bet you will have lots of people lined up for your services.
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Originally Posted by BaoTurbo View Post
Someone is on it already

https://www.dealteamsix.ca/?gclid=Cj...4aAgU5EALw_wcB

$100 a pop, however I wonder how they prove they are legit.

My manager did an appraisal yesterday as a favour for someone, obviously we have all the licenses to validate that appraisal. (business license, wholesae, VSA, dealer etc etc)
So, what courses/licences/certificates do you need to be an appraiser? I'm really interested in doing this as part time gig.

Thanks
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Old 11-28-2022, 08:46 PM   #73
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Blood related family only, is what an autoplan agent told me. My FIL wants to give us 1 of his cars. Gifting it to my wife will bypass the new tax rules but really I'll probably drive it mostly.



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Originally Posted by Badhobz View Post
i believe its family only.

https://www2.gov.bc.ca/assets/gov/ta...ft-vehicle.pdf

“Related individual” means:
(a) a person’s spouse (legally married or living for
a continuous period of at least 2 years with another
person in a marriage-like relationship), child, grandchild,
greatgrandchild, parent, grandparent, greatgrandparent,
or sibling, or
(b) the spouse of a person’s child, grandchild or great
grandchild, or
(c) the child, parent, grandparent or greatgrandparent of
a person’s spouse.
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Old 11-28-2022, 09:08 PM   #74
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Stupid ass icbc.

If I was feeling generous after winning the lottery and decided to gift trollface a golf R, I can’t even do that without him having to pay the tax on the golf r ?!? What horseshit is this!? I might as well move back to communist China
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Old 11-29-2022, 12:30 AM   #75
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Speaking of car tax

/ Not Canada

I just picked up a car in NZ, was expecting to pay 300$ on 2500$.
Transfer tax was 9$

Then I went to get insurance, expecting like 1500$ per year for basic
Was 182$ for 12 months, if I wanted full coverage 600$, I had to ask the lady a second time to confirm the numbers

Then I went to get gas, everything else was 75-90% cheaper than Vancouver, so my brain automatically assumed gas would be cheap too.
2.70$ for regular
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