How it Works?
Pay less tax when you buy your car using an ICBC approved valuation
How does ICBC Value my Vehicle?
Effective as of October 1st, 2022, changes in tax regulations now require private buyers of Pre-Owned Vehicles to pay sales tax based on the average Canadian Black Book Wholesale Value, which solely relies on the vehicle's Year, Make, and Model. This method of valuation fails to account for any of the other critical factors that should rightfully determine the Market Price of your vehicle, and the value that you should pay tax on.
However, in the event that your vehicle's condition falls below the average standard, tax savings may be achievable through a Professional Appraisal. That’s where S2S Vehicle Appraisals come in. In using our appraisals process, we will provide you with all the necessary documentation to present to ICBC so they no longer need to use the Canadian Black Book Value to calculate tax - the appraised value or purchase price will be used (whichever is greatest).
The “Examples” below is a screenshot taken from official BC PST Notice (Notice 2022-005), which may help understand everything better.
It's important to note that for all remote PST Tax Appraisals, we take the proactive approach of sharing your appraised value with you prior to collecting payment. This measure is in place to ensure that you are entirely satisfied with the quality and accuracy of our services.
It should also be noted that if you have already purchased and paid tax at the ICBC Canadian Black Book Value, you are still able to take advantage of a private appraisal. You have 30 days from the date of the sale to obtain an appraisal and submit it to the Consumer Tax Branch. They will then issue you a refund for the difference in the tax values.
Step-by-Step
The S2S Vehicle Appraisal Process is quick and easy with our streamlined, step-by-step service
Step 1
Contact us by phone, email, text, WhatsApp, iMessage, or submit an online request through the Contact us page. Help us assess your case by including as much detail as possible about why you need an appraisal and about the vehicle in question - have a look at the Your Vehicle Value page for pointers.
Step 2
One of our appraisal experts will contact you to further discuss your vehicles condition and determine whether an appraisal can be beneficial for you.
Step 3
Our experts will communicate with you to obtain any additional details that necessary to the appraisal process, along with detailed photographs of the vehicle. This stage enables us to verify the condition of the vehicle and complete the appraisal remotely.
Step 4
Our team will review all aspects of the submission and establish the true value of your vehicle. We will complete the form BC FIN 320, the official appraisal document as required by ICBC and the BC Ministry of Finance.
Step 5
We will discuss the finalized appraised value with you. Providing you are happy with the assessment, we will send you an invoice to make payment. Upon receipt of this payment, you will receive a copy of the completed BC FIN 320 appraisal document direct to your email inbox.
Step 6
At this stage you have two options depending on your situation. If you’re in process of purchasing a vehicle, present the completed BC FIN 320 document at the insurance brokerage when finalizing the transfer of ownership. In this case you will only pay taxes on the true value of the vehicle instead of the value dictated by ICBC.
Alternatively, if you already own the vehicle and have registered it within the last 30 days, you can submit the BC FIN 320 form along with the BC FIN 355MV form to The Consumer Programs Taxation Branch and obtain a refund for the amount of tax that you overpaid. Even though this sounds complicated, it’s actually a relatively simple process and our experts will be happy to help you with the process.