The following property is excluded for benefit calculation purposes: the value of an AUTOMOBILE to a maximum of $10,000.
For the purpose of calculating a benefit, a percentage of 2% is applicable to the total property value of an automobile in excess of the limit.
This refers to the PRINCIPAL VEHICLE used to transport members of the family (road driving vehicle).The exemption may also apply to a motorcycle or any other motor vehicle used as the PRINCIPAL MEANS of transportation.
Only one vehicle can be excluded. It must be the PRINCIPAL VEHICLE.
However, if the principal vehicle is the adapted vehicle, it is completely excluded and its value is calculated as being $1.00.
The value of a leased vehicle is not taken into consideration.
The value of an automobile is:
Automobile INCLUDED in HEBDO-MAG:
- For periods preceding November 2002
The lowest value assigned to it in Hebdo-Mag, based on the make, model and year, regardless of whether it was purchased from an individual or a dealer.
- As of November 2002
- Based on the make, model and year of the automobile and the average gross sale price entered in the PVMG column (this column is the last one on the right of each line), subtract $500 to determine the estimated value;
- the estimated value must be considered whether the automobile was purchased from an individual or a dealer;
- to facilitate the research, note that each make of automobile is identified by the first 10 positions (with the exception of the 9th position represented by an asterisk) of the serial number (NIV) entered on the registration certificate
- The lesser of two amounts provided according to the make, model and year, regardless of whether it was bought from an individual or from a car dealer.
Automobile NOT INCLUDED in HEBDO-MAG:
- Purchased from a dealer:
If it is a NEW CAR, the value considered is equal to 80% of the sale price (before trade-in) set out in the contract of sale issued by the dealer. The price of sale corresponds to the price of the property and does not include delivery and preparation fees, nor does it account for exchange value in cases where another vehicle was traded in.
If it is a USED CAR, the value considered is equal to the sale price (before trade-in) set out in the contract of sale issued by the dealer.
- Purchased from an individual:
The value considered is equal to the market value set by the SAAQ when the automobile is registered and the sales tax (6.5%) paid.
Automobile requiring repairs:
- If the recipient pretends that the value of his or her automobile is lower than that established on the grounds of repairs to be made, an estimate of the costs of the repairs produced by an authorized individual (e.g. garage man, automobile club, etc.) will allow the reduction of the established amount.
Vehicle in storage or discarded:
A vehicle in storage is a vehicle that has not been used for a period of time. The license plate must remain on the vehicle and the registration certificate must be valid.
A discarded vehicle is a vehicle that cannot be used on the road and which must undergo a mechanical inspection before being licensed for road use. The plate must be removed from the vehicle and a new registration certificate must be issued if the owner wishes to use the vehicle on the road.
A vehicle in storage retains its market value, whereas a discarded vehicle generally has no market value.