If you’re purchasing or transferring ownership of a used vehicle in British Columbia through a private sale, you’ll need to pay Provincial Sales Tax (PST) based on the Canadian Black Book wholesale value or purchase price, whichever is higher. This tax is commonly referred to as “ICBC tax” because it’s collected by the Insurance Corporation of British Columbia (ICBC) at the time of vehicle transfer on behalf of the BC provincial government.
However, if your vehicle has defects such as body damage, rust, or mechanical issues, the Canadian Black Book value used by ICBC may not reflect its true value. To ensure that you’re paying the right amount based on your vehicle’s true value, you can get a professional appraisal from Certified Quick Car Appraisals.
Get Vehicle Appraisal in BC to Save on Provincial Sales Tax
When you contact us, a professional appraiser will respond promptly and walk you through the easy process step by step. We offer an online appraisal for $84, but no payment is necessary until we verify that our appraisal can help you save on tax.
Our appraiser will assess and inform you of the retail value of your vehicle. If the appraisal reveals that your vehicle is in below-average condition, your ICBC insurance broker can use the appraisal value instead of the Canadian Black Book value to lower your tax bill.
After completing the appraisal, Certified Quick Car Appraisals will provide you with a completed and signed official BC FIN 320 vehicle appraisal form, which is required by ICBC. You can then forward the appraisal report to your insurance broker when transferring ownership of your vehicle. Most of our appraisals are completed within 45 minutes.
Getting a professional vehicle appraisal from Certified Quick Car Appraisals can help you save money on BC Provincial Sales Tax (PST) and ensure that you pay the right amount based on your vehicle’s true value. Contact us today to schedule an appraisal and potentially lower your tax bill.