FIN-320 tax transfer appraisal in BC

What FIN 320 actually is

FIN 320 is a single-page government form titled "Motor Vehicle Appraisal Form," published by the BC Ministry of Finance. It is not an ICBC document in the strict sense, even though most people search for it as the "ICBC appraisal form" because they encounter it at an Autoplan broker. The broker collects it; the Ministry of Finance owns it. Its job is narrow and specific: it is the official channel for recording an appraised value when a vehicle's fair market value is lower than the price you reported or lower than the Canadian Black Book average wholesale figure the province defaults to.

Why does that matter? On private sales, and on vehicles imported into BC on or after October 1, 2022, provincial sales tax is calculated on the greater of your purchase price or the vehicle's average wholesale value as listed in Canadian Black Book. That default protects the tax base against lowball bills of sale. But it cuts the wrong way when a car is genuinely worth less than book: high mileage, accident history, mechanical problems, flood or hail damage, an incomplete restoration, or a sale between people who simply agreed on a fair lower number. FIN 320 is the mechanism that lets a real-world value override the book figure, provided the lower value is documented by a qualified appraiser.

The form is the evidence, not the argument. It does not negotiate anything on your behalf. It records a professional opinion of value in a format the Ministry of Finance and Autoplan brokers are set up to accept, with the appraiser's signature and credentials attached so the number can stand on its own.

Who has to complete it (and who actually signs it)

Two different people touch FIN 320, and confusing their roles is the most common mistake. The buyer is the person who needs the form and who hands it in. The appraiser is the person who completes and signs the valuation portion. You do not appraise your own vehicle, and a number you write yourself carries no weight.

You generally need FIN 320 when you are registering a private-sale vehicle (or an imported one) at an Autoplan broker and the actual value is meaningfully below the Canadian Black Book average wholesale value the broker's system pulls up. If the book value and your price are close, the form usually is not worth the trouble. If the gap is large, the form is the only clean way to be taxed on reality.

The valuation section must be completed by someone qualified to appraise motor vehicles: a registered motor dealer, or a person whose business it is to appraise motor vehicles. They record their assessment, sign it, and provide their business details. The buyer fills in the identifying particulars (the vehicle, the parties, the date) but the value and the signature that gives the form its authority come from the appraiser.

What the appraiser records on the form

Understanding the fields tells you what to bring and what a thorough appraisal looks like. FIN 320 captures the vehicle's identity: year, make, model, body style, and the Vehicle Identification Number (VIN). The VIN is the anchor; it ties the appraised value to one specific vehicle and nothing else, so it has to match the car, the bill of sale, and the registration exactly.

It records condition and the facts that justify the value: odometer reading, and the wear, damage, or mechanical issues that pull the number below book. This is where a vague appraisal falls apart and a careful one holds. "Runs, needs work" is not documentation. "Engine misfire on cylinder 3, transmission slips in third, rust through both rear wheel wells, 287,000 km" is documentation, because each line is a concrete reason the value is what it is.

It records the appraised value itself, the date of the appraisal, and the appraiser's identification and signature. The date matters because value is always as of a specific day; an appraisal from months ago describes a different car than the one being transferred today. The signature and credentials matter because they are what let the Ministry of Finance and the broker treat the number as a defensible figure rather than a wish.

How to get FIN 320 done and submitted, step by step

First, get the blank form. You can download FIN 320 from the Government of BC website, or your appraiser will have it. Do not pay anyone for the blank form itself; it is free from the province.

Second, have the vehicle appraised before you go to the broker. The appraiser inspects the vehicle, records the condition facts above, assigns a value as of that date, and signs the valuation section. Bring whatever supports a lower value: photos of damage, repair estimates, mechanical inspection notes, and the bill of sale. A remote appraisal can produce the same documented FIN 320 from photos and records when an in-person inspection is not practical; our online appraisal page owns that process and the photo and document checklist.

Third, take the completed, signed form to your Autoplan broker when you register the vehicle and transfer it into your name. The broker reviews the form, and where it is accepted, PST is assessed against the appraised value rather than the Canadian Black Book figure. Keep a copy for your records. The form's whole purpose is realized at this counter, so do not arrive without it expecting to add it later.

Already registered? The 30-day refund

If you paid tax on the book value, send form FIN-355/MV with a completed FIN-320 so both are received within 30 days of registration. Details on our vehicle appraisal BC page.

A worked example: filling in the form

Picture a 2014 sedan bought privately. The broker's system shows a Canadian Black Book average wholesale value of $9,000, but the car has 240,000 km, a salvage-rebuilt history, and a transmission that slips. You and the seller agreed on $4,500, which is genuinely what the car is worth in that condition.

On FIN 320, the appraiser enters the year, make, model, and VIN; the odometer reading of 240,000 km; and the condition notes that justify the discount: rebuilt status, transmission fault, age and mileage. In the value field, the appraiser records the appraised value as of that day, signs, and adds their business details. Without the form, PST would be calculated on the $9,000 book figure regardless of what you paid. With an accepted FIN 320 documenting the lower value, the broker can assess PST on the appraised figure instead. We are not reproducing the rate math here on purpose: the exact PST percentages and a full savings calculation live on our used-car tax guide. The point on this page is simpler. The form is what carries the lower number to the counter, and a number without the form is just a claim.

Where FIN 320 is the wrong tool

FIN 320 documents a lower value for a private or imported transfer. It is not a total-loss instrument. If ICBC has written off your vehicle and you disagree with their settlement figure, that is a separate process with its own evidence and its own page on this site (total-loss appraisal), not a FIN 320 submission.

It is also not a guarantee. A FIN 320 is accepted on its merits; a thin, undated, or poorly justified form invites questions, while a thorough one with clear condition documentation and a credible appraiser behind it tends to be straightforward. The form does not replace the bill of sale either. You still need the bill of sale; FIN 320 sits alongside it to explain why the taxable value should follow the appraisal rather than the book.

Finally, the form does not change the law. It is the documented exception the law already allows for, used correctly. If the book value and your price are close, you likely do not need it at all.