Help!!!

[conman27]

I am about to buy a boat in Canada and I am a US citizen I have tried looking up double taxation for Canada and the US, and found some stuff but I was wondering if anyone knew for sure if I can get taxed by both countries on the sale of the boat? I would be making the deal in the US. Also how does the titling process work on it? Thanks, Connor

[brananders]

Unless you are in business to buy and sell boats you won't pay taxes on the sale of a boat in Canada, its the same as selling a car. Are you a resident of the US and looking to purchase and import a boat from Canada into the US? If so you'll need to check on any duty or tax you may be charged when you import at the border. I know when a person buys a boat or car from the US and imports into Canada they get charged sales tax as some other fees at the border by the Canadian government. I'm not sure what happens when the vehicle travels the other way.

[EntiatSkier]

Isn't buying boats, especially tournament towboats (nautiques), more expensive than buying a boat in the US??? Not because of taxes but because of the values???

[brananders]

Most things in Canada are more expensive primarily due to the strength of the Canadian dollar relative to the USD and local retailers reluctance to reduce their prices. It was a big deal here when Apple finally lowered prices in Canada to something much closer to US pricing. My experience in buying a boat was actually pretty good, I shopped around in the US and Canada and all things being equal the small premium I paid buying new locally was worth not having to deal with cross border shipping, fees, unknown dealers etc. I think used boats are a lot less expensive in the US, so if I was buying used I would have imported a boat.

[EntiatSkier]

oh. i understand now. I just wasn't sure because someone who skis out on the course in the morning said he sold his MC prostar for 3 times more than its worth here.