Who is allowed to complete a FIN-320 in British Columbia?

The FIN 320 form states it must be completed by a motor dealer registered under the BC Motor Dealer Act, a person authorized to carry on a similar business in another jurisdiction, or "a person whose business it is to appraise motor vehicles." Bulletin PST 308 repeats the same requirement. IC Appraisal BC qualifies under the third category, and the appraiser signs the Part 5 certification on every form.

How does BC decide how much PST you pay on a private vehicle sale?

PST is charged on the greater of the purchase price or the average wholesale value, which Bulletin PST 308 defines as the Canadian Black Book value. If you believe the vehicle is worth less than that, you may provide a completed FIN 320. The bulletin then says that where the appraised value and the purchase price are both below the average wholesale value, PST is calculated on the greater of the appraised value and the purchase price.

What is the difference between a FIN-320 and a FIN-355MV?

The FIN 320 is the appraisal; the FIN 355/MV is the refund application. You present a FIN 320 when you register the vehicle to have PST charged on the appraised value in the first place. If PST has already been paid, the FIN 320 instead becomes an attachment to a FIN 355/MV refund claim, which the Ministry of Finance must receive within 30 days of the registration date.

Can the seller get the appraisal, or does it have to be the buyer?

Either. Bulletin PST 308 states that appraisals "may be obtained by the purchaser or seller of the motor vehicle." In practice the buyer usually orders it, because the buyer is the one paying the PST.

What does IC Appraisal BC charge for a FIN-320 appraisal?

$75.00 plus GST and PST for the certified FIN 320 appraisal, delivered by email, typically within an hour of the application being reviewed and accepted. If you have already paid PST and want the FIN 355/MV refund package assembled and filed for you as well, that is $174.00 plus tax in total.

Private Sale Vehicle Tax BC: When Buyers Pay Tax on Value They Never Paid

Since the 2022 BC PST change, private buyers pay tax on the greater of the purchase price or the Canadian Black Book wholesale value. For high-mileage cars, work trucks, damaged vehicles, and below-average condition vehicles, the Black Book number is often dramatically higher than what the vehicle is actually worth, which means buyers are taxed on value they never paid for.

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Why buyers use this page

Applies to used cars, trucks, SUVs, and many privately transferred vehicles
Higher-mileage or rough-condition vehicles are most likely to need documentation
A certified appraisal can support the documented value when the facts justify it
Useful before registration or, in some cases, as part of a refund workflow

Private Sale Vehicle Tax BC

In British Columbia, private vehicle sales are taxed using the greater of the purchase price or the Canadian Black Book wholesale value. CBC News, on 25 November 2022, reported two BC buyers in this position: one taxed on an $11,000 Black Book value after paying $2,100 for a 2008 Dodge Ram, and one taxed on $47,240 after paying $35,000 for a 2015 Ford F-350. The legal way to pay PST on the actual value is to document the specific vehicle with a certified FIN-320 appraisal, either before registration (cleanest path) or within 30 days after registration (refund path via FIN-355MV).

What usually causes a value mismatch

The biggest issue is mismatch: the market price and condition of the vehicle you bought do not match the normalized assumptions inside the tax system. Buyers of older daily drivers, work trucks, older imports, and below-average condition vehicles are often affected most.

Best workflow for BC private-sale buyers

Gather the APV9T, bill of sale, clear photos, and payment proof before going to the broker.

If the vehicle is worth materially less than ICBC’s reference value, get a certified FIN-320 first.

If PST was already paid and you need a refund review, prepare the FIN-355 package with matching proof of purchase and payment.

FIN-355 proof of purchase: what to include

For refund application questions, the missing item is usually proof of purchase that matches the amount the customer says they paid for the vehicle. The safest file is something that ties the payment amount, date, and seller identity together.

Accepted proof of purchase

Copy of cheque
Bank statement showing a debit matching the purchase amount on the transaction date
Credit card statement
Debit card statement
Seller’s statement of account showing payment of the invoice
Interac e-Transfer confirmation only if it shows the payee’s real name, not just an email

Not accepted on its own

Cash with no supporting bank documentation
Internal accounting records such as cash journals or accounts payable journals
A signed bill of sale by itself with no financial proof
E-Transfer or digital payment receipts that show only an email address or alias instead of the payee’s legal name
PayPal or digital wallet receipts that do not display the seller’s legal name

Likely accepted: Wire transfers, bank drafts, and money orders are likely acceptable if they are paired with a matching bank statement.

Cash workaround: For cash payments, the best workaround is a same-day bank withdrawal slip for the matching amount plus a detailed signed receipt from the seller.

Private Sale Vehicle Tax BC FAQ

Do I always need an appraisal for a private sale in BC?

No. You usually need one when the vehicle’s real market value is clearly lower than the value ICBC would otherwise use for PST.

What kinds of private-sale vehicles are most likely to benefit?

High-mileage vehicles, damaged vehicles, older work trucks, rough-condition cars, and some specialty or imported vehicles are common examples.

Can I do this before I register the vehicle?

Yes — that is usually the cleanest and fastest approach.

What proof of purchase is accepted for a FIN-355 refund application?

Use payment proof that matches the purchase amount and date and identifies the seller clearly. Cheques, matching bank or card statements, seller statements of account, and Interac confirmations that show the payee’s real name are the safest examples. A bill of sale alone or cash with no bank backup is usually not enough.

Helpful next steps

Use these supporting pages to keep moving.

Get your Canadian Black Book value, free

Start a BC private-sale appraisal

Used car tax in BC, complete guide

Already paid PST? 30-day refund hub

Check refund package readiness

See whether you need FIN-320 or FIN-355

Why Black Book overstates the value

Used EV appraisal evidence guide

Read the private-sale PST guide

Key facts, sources and verification

Form: FIN 320, Motor Vehicle Appraisal Form
Governing legislation: Provincial Sales Tax Act (British Columbia)
Value reported: Expected retail value on a private sale. The form states the appraised value is not a trade in figure.
What the value rests on: The specific vehicle: odometer, damage, mechanical condition, whether it runs, and its documented history. Not a lookup from the VIN alone.
Who may complete it: A registered motor dealer, an equivalent business in another jurisdiction, or a person whose business it is to appraise motor vehicles
Area served: All of British Columbia, handled remotely
Provider: IC Appraisal BC
Standard fee: $75 plus tax for an accepted standard remote FIN 320 file
The rule in one line: PST is charged on the greater of the purchase price or the Canadian Black Book average wholesale value, so a private buyer can be taxed on value they never paid

Quick answers

Who is allowed to complete a FIN-320 in British Columbia?: The FIN 320 form states it must be completed by a motor dealer registered under the BC Motor Dealer Act, a person authorized to carry on a similar business in another jurisdiction, or "a person whose business it is to appraise motor vehicles." Bulletin PST 308 repeats the same requirement. IC Appraisal BC qualifies under the third category, and the appraiser signs the Part 5 certification on every form.
How does BC decide how much PST you pay on a private vehicle sale?: PST is charged on the greater of the purchase price or the average wholesale value, which Bulletin PST 308 defines as the Canadian Black Book value. If you believe the vehicle is worth less than that, you may provide a completed FIN 320. The bulletin then says that where the appraised value and the purchase price are both below the average wholesale value, PST is calculated on the greater of the appraised value and the purchase price.
What value does a FIN-320 actually report?: Retail value, not a trade in figure. The form itself carries the note that the appraised value "is NOT intended to be trade-in value but represents the expected retail value when a motor vehicle is sold privately." This is the single most common misunderstanding, and quoting a trade-in figure on a FIN 320 is a defect in the form.
What is the difference between a FIN-320 and a FIN-355MV?: The FIN 320 is the appraisal; the FIN 355/MV is the refund application. You present a FIN 320 when you register the vehicle to have PST charged on the appraised value in the first place. If PST has already been paid, the FIN 320 instead becomes an attachment to a FIN 355/MV refund claim, which the Ministry of Finance must receive within 30 days of the registration date.
Can the seller get the appraisal, or does it have to be the buyer?: Either. Bulletin PST 308 states that appraisals "may be obtained by the purchaser or seller of the motor vehicle." In practice the buyer usually orders it, because the buyer is the one paying the PST.
What does IC Appraisal BC charge for a FIN-320 appraisal?: $75.00 plus GST and PST for the certified FIN 320 appraisal, delivered by email, typically within an hour of the application being reviewed and accepted. If you have already paid PST and want the FIN 355/MV refund package assembled and filed for you as well, that is $174.00 plus tax in total.

Sources

The statements above are drawn from the following primary documents. Each was checked against the source on the verification date below.

Canadian Black Book returns one number from the VIN. It does not account for kilometres, damage, mechanical condition, or whether the vehicle runs at all. A FIN 320 appraisal is built on those things, which is why it produces a figure the Ministry of Finance accepts. The form itself states the appraised value “is NOT intended to be trade-in value but represents the expected retail value when a motor vehicle is sold privately”.

Verified against the source documents on 1 September 2026.

This page is general information about British Columbia vehicle appraisal and PST, not legal or tax advice. PST is assessed by the BC Ministry of Finance and registration is handled by ICBC and Autoplan brokers, so the amount of tax owing or refunded on any particular vehicle is determined by them, not by the appraiser. Figures quoted from government publications were verified against the source documents on the date shown.

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