verbi69

Has anyone ever traded their boat for another that was across the border?

I have bought two boats in the US and imported them into Canada, so I am familiar with the paperwork and taxes involved with that transaction.

What I'm looking to do is trade my boat for another that is on the US side.

What are the tax implications??

Thanks in advance,

Mike

pqjack

im curious too....did buy a couple from the states

GLH

My guess is if the bill of sale issued by the US dealer shows your net payment, that is what you should get duties and taxes on.

Just a guess.

If your trade in was originally a US boat no problems bringing it back in. I bought my Azimut and it was registered in Canada but had originally been a US boat so no taxes where collected bringing it back here and re-registering it in the US.

Hope this helps a little.

ar15meister

Call a customs broker. That should be easy.

272bajadriver

iTrader: (1)

Looking to upgrade already?

verbi69

Lol...not exactly!
We're thinking of changing up our boating style a bit by getting into an express cruiser and keeping it moored at a marina for the summer.
Might get more boating time in this way, and eliminate the trailering.

floatingphil

Canada Customs does not deduct trade-in values when determining the value of imported boats or cars. You end up paying taxes on the purchase price before the trade-in value is deducted. Call their information line (800)461-9999 or refer to Memorandum D13-10-2.

verbi69

Thanks for the info and contact number!
I'd be looking at a straight up trade and wasn't sure if I would be looking at paying the 13% provincial sales tax again.

delsol

I just read through the memo D13-10-2, and forund the following
"Boats tend to hold their value, if not appreciate"
now if that doesn't show how backwards the canadian customs are ....?
Show me a boat that was bought in the last 10 years that appreciates in value.