Canadian Red Book is the vehicle valuation guide used to determine the wholesale/book value listed on the Used Vehicle Information Package at Service Ontario (MTO).
The wholesale/book value is determined by calculating the average selling price of vehicles of the same year/make/model/trim at dealer auctions. It does not take the following into consideration: odometer reading (km), previous history (commercial/rental use, out of province/country, accident), and condition (mechanical, body, interior).
Before purchasing a used vehicle in Ontario, find out the wholesale/book value to determine how much HST Tax you will have to pay at Service Ontario. If you are purchasing a vehicle for less than the wholesale/book value, you can get an appraisal letter to save $100's on HST Tax.
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