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Originally Posted by van_driver
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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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.
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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.
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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.