Automotive

Selling a car to a Junkyard?

  • Last Updated:
  • May 28th, 2017 7:25 pm
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Deal Fanatic
User avatar
Oct 6, 2010
7803 posts
1963 upvotes
Toronto
I hear search works pretty well. You'd be surprised to know how many times people ask this question.
t3359 wrote:
May 13th, 2016 9:56 am
...The magic eight ball would randomly say things and logic would never work. The eight ball is just a gimmick and a waste of time and effort. So equivalently, there is no possibility to "debate" you.
Sr. Member
May 12, 2003
592 posts
116 upvotes
It really depends on your own tax situation. But say you were making atleast $50,000 in taxable income. your tax savings will be close to $850. And if you've never donated before in your life...then you get a first time super donation credit...which will boost it up to $1,100
Ferocious12 wrote:
Nov 16th, 2016 12:41 pm
Are you sure it's not closer to $500?
[OP]
Member
May 1, 2013
314 posts
15 upvotes
Toronto
ssj4_ootaku wrote:
Nov 16th, 2016 1:12 pm
It really depends on your own tax situation. But say you were making atleast $50,000 in taxable income. your tax savings will be close to $850. And if you've never donated before in your life...then you get a first time super donation credit...which will boost it up to $1,100
Didn't know about the super donation credit, thanks for sharing that.
Deal Expert
User avatar
Apr 21, 2004
40960 posts
9893 upvotes
Are high school students still interested in tinkering with manual transmissions? Are there still auto mechanic shops being held in Ontario?

I anticipate having to get rid of my 02 Civic in two to three years time and donating might be the better option. My wife and I are not eligible for the super donation since we have donated and claimed before but still...
Newbie
Aug 20, 2009
80 posts
7 upvotes
Instead of going through a registered charity, you can also go through a local high school with a shop class. They should also be able to give you a tax receipt for the donation.
Newbie
Oct 27, 2009
86 posts
29 upvotes
Hamilton
Ferocious12 wrote:
Nov 17th, 2016 10:14 am
Didn't know about the super donation credit, thanks for sharing that.
ssj4_ootaku wrote:
Nov 16th, 2016 1:12 pm


It really depends on your own tax situation. But say you were making atleast $50,000 in taxable income. your tax savings will be close to $850. And if you've never donated before in your life...then you get a first time super donation credit...which will boost it up to $1,100
Here's what I found on the super donation:

"The FDSC applies to a gift of money made after March 20, 2013, up to a maximum of $1,000, in respect of only one taxation year from 2013 to 2017"

So I'd guess you'd be out of luck if its not a money donation.
Sr. Member
May 12, 2003
592 posts
116 upvotes
Sorry wha? Disregard the super donation

the amount is STILL worth it.

Also, Kars4Kids gives you the receipt based on VMR Canada's evaluation of your car.....I donated my car.

Got the receipt within a couple of days.
stimy wrote:
Mar 21st, 2017 6:24 pm
Here's what I found on the super donation:

"The FDSC applies to a gift of money made after March 20, 2013, up to a maximum of $1,000, in respect of only one taxation year from 2013 to 2017"

So I'd guess you'd be out of luck if its not a money donation.
Newbie
Aug 9, 2014
43 posts
Mississauga, ON
Did Kars4Kids give you receipt based on VMR Canada wholesale value or retail value? Thinking of donating my car and there is a huge difference between the retail versus wholesale value.

Thanks!
ssj4_ootaku wrote:
Mar 21st, 2017 7:04 pm
Sorry wha? Disregard the super donation

the amount is STILL worth it.

Also, Kars4Kids gives you the receipt based on VMR Canada's evaluation of your car.....I donated my car.

Got the receipt within a couple of days.
Sr. Member
May 12, 2003
592 posts
116 upvotes
I am not 100% certain, but I would say retail value.

Just call them. They give you a quote within 10-15 minutes.
jacksonheights wrote:
Mar 22nd, 2017 1:40 pm
Did Kars4Kids give you receipt based on VMR Canada wholesale value or retail value? Thinking of donating my car and there is a huge difference between the retail versus wholesale value.

Thanks!
Deal Addict
Mar 12, 2010
1276 posts
46 upvotes
Aurora
Have a 2007 Sentra with 320K on it. Got quoted for almost $500. lol. As far donations, does the entire amount get deducted from income, or just a fraction. Seems like a junk yard may be worth more. Anyone know if CAA tows to a junk yard?

Edit:
Just check CAA exclusions and "- Towing service to a salvage yard" is on there.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... c-eng.html

On the first $200 of charitable donations claimed, the CDTC is ($200 x 15%) = $30.
On the donations claimed in excess of $200, the CDTC is [($700 − $200) x 29%] = $145.
On the donations that are gifts of money, the FDSC is ($300 x 25%) = $75.
The total of the CDTC and FDSC is $250.

-Does not look like it's very worth it for a $500 donation.

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