ICBC New Used Vehicle Tax Strategy

[Steve G.]

  There’s a strong rumour among those in the BC Italian Motorcycle collective saying there’s a move upcoming by ICBC to charge purchase tax on ‘real’ value of a bike rather than agreed upon price on the transfer form which is filled out by the buyer and seller. Anyone in the business hear about this new move?

[Galactica]

Ya, this was announced a couple of weeks ago.  ICBC will now charge PST on the average value (in their mind) of all vehicles sold.  Which is total BS.  So now, if you buy a rusted basket case bike or car, you’ll be charged PST (and probably GST) on the value of a good running bike or car.  They will disregard the declared sale value and they will assume you are lying if you declare a sale value of less.  Just a total f***ing ripoff.

[stanfromhell]

I doubt that will actually be initiated.

[Bucko]

I'm not a typical NDP supporter but honestly I have few complaints about the current guy in charge.  Having said that, this dumb F*#@king initiative is a typical brain dead NDP kind of policy.

[hardrockminer]

Maybe if people were honest about their declared value we wouldn't see policy like this.  But I'm still bugged that they charge 12% on used vehicles upon registration unless you've purchased through a dealer where you already paid GST & PST.

[Runningdog]

They are likely targetting newer vehicles (cars and trucks), rather than our beaters.   Not completely thought out, obviously.

[hardrockminer]

I'm not a typical NDP supporter but honestly I have few complaints about the current guy in charge.  Having said that, this dumb F*#@king initiative is a typical brain dead NDP kind of policy.

I wouldn't be that harsh myself.  This is the same gubmint that brought us lower insurance rates, eliminated Port Mann tolls and MSP payments. 

[stanfromhell]

I expect there will be an appeal process where if you show a bank draft or cheque from you and made out to the seller, it would  be adequate proof of the true purchase price.

[Bucko]

This is the same gubmint that brought us lower insurance rates, eliminated Port Mann tolls and MSP payments. 

To be fair, they haven't eliminated any of those costs, you're just paying for it in other ways.

[Steve G.]

This is the same gubmint that brought us lower insurance rates, eliminated Port Mann tolls and MSP payments. 

To be fair, they haven't eliminated any of those costs, you're just paying for it in other ways.

  100% correct.

[hardrockminer]

This is the same gubmint that brought us lower insurance rates, eliminated Port Mann tolls and MSP payments. 

To be fair, they haven't eliminated any of those costs, you're just paying for it in other ways.

Well they eliminated MSP for me and my wife.  I realized they transferred it to business but when I was working my employer paid it anyway, so now that I'm retired it's a savings for me and taxes didn't rise, so no....I'm not paying it.  I don't use Port Mann much anymore but how is the truck traffic on Petullo these days?  Hard to say on ICBC, as rights to sue have been largely eliminated.  I'm OK with that because it was costing them a pile for lawyers that they no longer pay and they have passed the savings on to us.  Mind you I think it was silly to send out those cheques for one or two dollars.  I got five of them.

[Bucko]

... so no....I'm not paying it. 

You're paying for it with everything you buy my man.

[hardrockminer]

... so no....I'm not paying it. 

You're paying for it with everything you buy my man.

PST hasn't changed my boy.

[Bucko]

... so no....I'm not paying it. 

You're paying for it with everything you buy my man.

PST hasn't changed my boy.

So, are you thinking when the Government transfers the cost of those things you mentioned on to businesses, those businesses be like: 'that's all right, we'll just suck up those costs instead of passing the increase costs along to our customers' ?  Or, are you thinking the costs for all that stuff funds itself?

[Galactica]

... so no....I'm not paying it. 

You're paying for it with everything you buy my man.

PST hasn't changed my boy.

So, are you thinking when the Government transfers the cost of those things you mentioned on to businesses, those businesses be like: 'that's all right, we'll just suck up those costs instead of passing the increase costs along to our customers' ?  Or, are you thinking the costs for all that stuff funds itself?

When I was working (for the last 30 or so years of my employment) my employer paid my BC medical premiums.  Most of the bigger union contracts were like that, and many individuals had that same arrangement with their employers.  So for us, there was no change as far as gubmint was concerned.