Automotive

Selling a car to a Junkyard?

  • Last Updated:
  • Mar 22nd, 2017 2:27 pm
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Deal Fanatic
User avatar
Oct 6, 2010
6857 posts
1249 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
586 posts
108 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
36220 posts
7036 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
76 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.
Deal Expert
User avatar
Jan 27, 2004
35331 posts
1794 upvotes
Toronto
Wow... how do these donation companies get away with it? They are pumping up the value...

All i can think of is that they base it off the book value regardless of condition. Which would justify them giving such large reciepts.
Newbie
Oct 27, 2009
18 posts
2 upvotes
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
586 posts
108 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
Dec 30, 1969
42 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
586 posts
108 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!
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