Changes were made on April 1, 2024 to AMVIC’s vehicle sales levy, single sales business licensing fee, as well as the rules around the Compensation Fund. The vehicle sales levy increased to $10 (from $6.25) and the single sales business licence fee increased to $250 (from $175). This increase included the single sales, leasing and consignment licence classes. Other licence class fees were not affected. A number of improvements have now been made to AMVIC’s Compensation Fund.
The fee increases and changes to the Compensation Fund took effect on April 1, 2024. Levy remittance for the Q1 period (April 1 – June 30) that is due no later than July 31, 2024 will be remitted at $10 per vehicle sold or leased.
AMVIC’s revenue comes from the vehicle sales levy, licence fees, registration fees and course fees. The authority to collect money is through Section 136(8) of the Consumer Protection Act. The increased funding is helping expand AMVIC’s capacity in numerous areas, including:
- Education and communication initiatives directed at consumers and industry;
- Resources to educate and inspect 7,800 automotive businesses; and
- Capacity to process and investigate more than 2,700 consumer complaints per year.
The vehicle sales levy increase is a reminder that all-in advertised pricing is the law. The vehicle sales levy must be included in the advertised price of a vehicle.
AMVIC maintains and administers a Compensation Fund, which compensates consumers in the event they suffer a financial loss as a result of dealing with an AMVIC-licensed business that is no longer operating. Compensation Fund improvements included:
- Increased the maximum payout per claim from $25,000 to $30,000 for transactions dated April 1, 2024 – Dec. 31, 2024;
- Removed the $300,000 cap which allows more timely responses to claims;
- Created a dedicated revenue stream; and
- Boosting the fund size to $5 million from $4 million.
Any and all templates, your bill of sale, advertisements, online calculators and any other documentation or publications should already be updated to reflect the AMVIC vehicle sales levy change to $10.
AMVIC first directly notified industry of this change on Nov. 2, 2023. AMVIC has also reminded industry and consumers of this change in various ways including but not limited to notifications on amvic.org, social media and bulletins. If you have any questions regarding these changes, or would like additional information, please contact AMVIC at licensing@amvic.org.