Canadian Luxury Gem Tax abolished?

[Paul-Antwerp]

I am looking for confirmation from any of the Canadian professionals (or maybe consumers) who are participating in this forum.

Apparently, a few days ago, Canadian parliament passed the bill, which abolishes the Luxury Gem Tax. Around the same time, the Canadian government resigned. As a result, it is not clear whether this tax is now truly abolished or not.

Is there any more info about this in Canada?

Paul

 

[belle]

have you seen this?

 

[Paul-Antwerp]

Hey Belle,

Thanks for the link.

Paul

 

[belle]

you''re welcome paul.

 

[Brighter_Suns]

Just my luck.......because I just bought Nov 10. I used my Visa to earn the airmiles, knowing that I could have saved $300 had I wired the money.........only to have Visa charge me 2.5% over the day''s posted exhange rate (which apparently is spelled out in the card agreement) so that cost me another $300, and two boot had I bough the ring today the exchange is down to 1.16 another three points in three weeks! Take out the excise and I could have probably go to the Dominican for week on the savings!

 

[HeeBeeGB]

Uh...if i read it correctly....taxes should still be in effect

...wouldne want to mess with CRA would you?

SPECIAL BULLETIN
Bill C-259 – Repeal of the Jewellery Excise Tax
Week of November 28, 2005
The Canadian Jewellers Association confirms that Bill C 259 to repeal the Jewellery Excise Tax was passed on Friday, November 25, 2005 and has received Royal Assent. However, the Canada Revenue Agency (CRA) announced today there are procedural issues they are examining with Bill C 259 and advises there is no change to the excise taxes levied on jewellery and watches at this time. Furthermore, CRA advises the industry should still collect all applicable excise taxes. When a final determination from CRA is made the CJA will distribute this to its members with dispatch.

 

[Paul-Antwerp]

I hear news about goods being kept on hold at the border, until the tax is abolished, and of jewelers waiting to invoice until after the tax is truly gone. It seems that most people expect that it is only a matter of days, before we can kiss that tax goodbye.

 

[belle]

i bet they are! this is big news for canada. i will be looking forward to the outcome.

 

[HeeBeeGB]

I wouldnt hold you breath...things through CRA would take a while and probably wont be resolved until way past christmas..well into 2006. A Bill passing and implimentation would take a while.....

If this had taken effect earlier, it would of opened up my choices for purchasing diamonds through the US. Instead, I bought from a canadian online vendor, which had done all the neccessary paperwork and hassles or importing the stones in. I didnt want to mess with law... I''m just trying to figure out if I can get that 10% back since the bill was pass the same day I wired my money! Good grief ....its a challenge picking out a stone and setting...now do i get my 10% back through the vendor? or since the taxes have been paid...through the Canadian Gov''t

I would waste more time and effort and probably money...in getting that 10% back...

 

[Dimitri]

Date: 12/1/2005 3:50:47 PM
Author: HeeBeeGB
I wouldnt hold you breath...things through CRA would take a while and probably wont be resolved until way past christmas..well into 2006. A Bill passing and implimentation would take a while.....

If this had taken effect earlier, it would of opened up my choices for purchasing diamonds through the US. Instead, I bought from a canadian online vendor, which had done all the neccessary paperwork and hassles or importing the stones in. I didnt want to mess with law... I''m just trying to figure out if I can get that 10% back since the bill was pass the same day I wired my money! Good grief ....its a challenge picking out a stone and setting...now do i get my 10% back through the vendor? or since the taxes have been paid...through the Canadian Gov''t

I would waste more time and effort and probably money...in getting that 10% back...

Its frustrating seeing how much more jewellery is priced in Canada vs the US. For the amount I spent on a 1.1 ct diamond I could have bought a 1.6+ ct diamond of equal quality (cut, clarity, color) in the US. We get gouged with a 10% luxury tax and 15% in sales taxes.

 

[HeeBeeGB]

A least I save on PST here in Alberta...