Home |
Search |
Today's Posts |
#31
|
|||
|
|||
Canadian buying an American Boat
What are the Canadian tax implications for a Canadian purchasing:
(a) a Canadian registered vessel (b) a non-Canadian registered vessel Assume that the vessel will reside in Canadian waters and the vessel owner is a Canadian resident (for tax purposes). I'd appreciate the benefit of the experience of others who have had to face the RevCan (CCRA) challenges. Is there a web address that might summarize the various scenarios? Thanks in advance, WRC |
#32
|
|||
|
|||
Canadian buying an American Boat
On Thu, 12 Feb 2004 19:16:06 GMT, in message
Rosalie B. wrote: (Gould 0738) wrote: Why register it? Why not just document it in Canada? Do you have to take it to Canada to do that? If you are going to take it down to the Caribbean or something, wouldn't documentation be better than registration anyway? Can't speak for all 50 states, but a good many (such as the one where I live) require state registration of a documented vessel. I'm a Canadian but I may not be able to fly a Canadian Flag on my boat. So I was answering how he could fly a Canadian flag on his boat without registering it in Canada. I don't know whether a Canadian documented boat has to be registered in any state in the US. That's another question which is too complicated for me. A further complication is that there are two options in Canada and the names are different than in the US. "Registration" is the formal, somewhat expensive process that covers anything from a modest cruiser on up to a full sized ship. "Licensing" is the small vessel version that requires numbers on the bow. Both are administered by the federal government and both can lead to payment of provincial and federal taxes. In practice, neither one requires the vessel to be in Canada to complete the paperwork. Ryk |
#33
|
|||
|
|||
Canadian buying an American Boat
On Thu, 12 Feb 2004 19:16:06 GMT, in message
Rosalie B. wrote: (Gould 0738) wrote: Why register it? Why not just document it in Canada? Do you have to take it to Canada to do that? If you are going to take it down to the Caribbean or something, wouldn't documentation be better than registration anyway? Can't speak for all 50 states, but a good many (such as the one where I live) require state registration of a documented vessel. I'm a Canadian but I may not be able to fly a Canadian Flag on my boat. So I was answering how he could fly a Canadian flag on his boat without registering it in Canada. I don't know whether a Canadian documented boat has to be registered in any state in the US. That's another question which is too complicated for me. A further complication is that there are two options in Canada and the names are different than in the US. "Registration" is the formal, somewhat expensive process that covers anything from a modest cruiser on up to a full sized ship. "Licensing" is the small vessel version that requires numbers on the bow. Both are administered by the federal government and both can lead to payment of provincial and federal taxes. In practice, neither one requires the vessel to be in Canada to complete the paperwork. Ryk |
#34
|
|||
|
|||
Canadian buying an American Boat
On Wed, 18 Feb 2004 08:01:50 +0000, Ryk wrote:
On Thu, 12 Feb 2004 19:16:06 GMT, in message Rosalie B. wrote: (Gould 0738) wrote: Why register it? Why not just document it in Canada? Do you have to take it to Canada to do that? If you are going to take it down to the Caribbean or something, wouldn't documentation be better than registration anyway? Can't speak for all 50 states, but a good many (such as the one where I live) require state registration of a documented vessel. I'm a Canadian but I may not be able to fly a Canadian Flag on my boat. So I was answering how he could fly a Canadian flag on his boat without registering it in Canada. I don't know whether a Canadian documented boat has to be registered in any state in the US. That's another question which is too complicated for me. A further complication is that there are two options in Canada and the names are different than in the US. "Registration" is the formal, somewhat expensive process that covers anything from a modest cruiser on up to a full sized ship. "Licensing" is the small vessel version that requires numbers on the bow. Both are administered by the federal government and both can lead to payment of provincial and federal taxes. In practice, neither one requires the vessel to be in Canada to complete the paperwork. Ryk I tried to "register" Far Cove when I bought it years ago. Among other things, you requi - "papers" verifying customs, etc. into Canada - a note from the mfr saying iirc that they no longer want it - and, since "registration" officially means allowing the Queen to use it in her navy, a note from the US gov't saying they don't want it. In other words, I HIGHLY doubt you could register a vessel without importing it into Canada. (Unless things have changed A LOT in 15 years!) OTOH, I suspect you can license it. They seem pretty lax about that. Lloyd Sumpter "Far Cove" Catalina 36 |
#35
|
|||
|
|||
Canadian buying an American Boat
On Wed, 18 Feb 2004 08:01:50 +0000, Ryk wrote:
On Thu, 12 Feb 2004 19:16:06 GMT, in message Rosalie B. wrote: (Gould 0738) wrote: Why register it? Why not just document it in Canada? Do you have to take it to Canada to do that? If you are going to take it down to the Caribbean or something, wouldn't documentation be better than registration anyway? Can't speak for all 50 states, but a good many (such as the one where I live) require state registration of a documented vessel. I'm a Canadian but I may not be able to fly a Canadian Flag on my boat. So I was answering how he could fly a Canadian flag on his boat without registering it in Canada. I don't know whether a Canadian documented boat has to be registered in any state in the US. That's another question which is too complicated for me. A further complication is that there are two options in Canada and the names are different than in the US. "Registration" is the formal, somewhat expensive process that covers anything from a modest cruiser on up to a full sized ship. "Licensing" is the small vessel version that requires numbers on the bow. Both are administered by the federal government and both can lead to payment of provincial and federal taxes. In practice, neither one requires the vessel to be in Canada to complete the paperwork. Ryk I tried to "register" Far Cove when I bought it years ago. Among other things, you requi - "papers" verifying customs, etc. into Canada - a note from the mfr saying iirc that they no longer want it - and, since "registration" officially means allowing the Queen to use it in her navy, a note from the US gov't saying they don't want it. In other words, I HIGHLY doubt you could register a vessel without importing it into Canada. (Unless things have changed A LOT in 15 years!) OTOH, I suspect you can license it. They seem pretty lax about that. Lloyd Sumpter "Far Cove" Catalina 36 |
Reply |
Thread Tools | Search this Thread |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Forum | |||
A Commodores Meanderings | General | |||
Boat fell off trailer | General | |||
Looking for information when buying a boat | General | |||
Dealing with a boat fire, checking for a common cause | General |