Question:
I am thinking of importing used cars from the us into canada for resell. What loopholes are there to doing this? I know that there is $200 registration fee, and gst at customs on the current value of car, but it says if car is made in us or canada(which the cars will be) there is no dutie fee...
How much $ can I get out of a 1999 Chevy Malibu with the engine not working?
what am i missing here??
Answers:
What do you think about the Korean motor vehiles?
Not all models can be imported. All permissable models have to go through a federal inspection, which has to be paid for before the vehicle can be registered. Anything not meeting Canadian standards, such as daytime running lights, must be modified, at your expense. You must get a recall clearance letter for any vehicle. If it is not inspected, at some point in time the car will be ordered out of the country. There are only so many good deals. If you do not have a dealer licence in the province you are resident, and zoning in your town to sell cars, you can only do a few cars before you are classed as a dealer, and face legal action. If you make a bad deal, or end up with a lemon, it is tough noogies for you as well.http://www.riv.ca/
Be aware one of the links quoted in another reply refers to settlers' effects. A settler is somebody who is moving to Canada, and bringing goods with him. That does not apply in your case!
i think it depends on the year of the car you are bringing in on what you need to change on the car to make it legal ie: daytime running lights.kph speedo but if the car is an old classic cars restrictions are less
I believe that although you are initially exempt from duty ONLY if the vehicle was originally manufactured in North America, you are legally required to notify Canadian Customs if you sell the car within 12 months after importation and pay any outstanding duty. This kind of puts a rain on your parade if you were planning on selling it immediately to make quick cash.
After the auto show ends, where do the cars go? Can the general public buy they?
From ccra website:
Goods imported under tariff item No. 9805.00.00 or goods which have benefited from a reduction in their value for duty under section 84 of the Customs Tariff that are sold or otherwise disposed of in Canada within twelve months after importation are subject to repayment of the duties initially exempted on the first $10,000. However, credit will be
accorded for each full month in respect of which the item was retained. For example, a US-manufactured vehicle valued at $20,000 is imported from the U.S.A. on January 1, 2001. The first $10,000 is free of any duty or tax. GST exempted on the first $10,000 = 700. The vehicle is sold October 1, 2001 (retained for 9 months). Credit for number of months retained $700 ÷ 12 × 9 = $525. The amount payable at time of sale
= $700 minus $525 = $175. Note: If the value of the vehicle at time of importation was under $10,000 and it was therefore exempted from the payment of excise taxes (e.g., air-condition/excess weight), such excise taxes also become
payable in their entirety if the vehicle is sold or disposed of within 12 months after importation.
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