| Author | Topic: Diamond purchase in Ontario |
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mcmugle rough rock Posts: 4 |
posted 08-20-2001 03:20 PM
Hi, does anyone know about the tax matter when purchasing the diamond from US and ship it to Canada? Do I have to pay both canada and us taxes? |
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leonid Moderator Posts: 818 |
posted 08-20-2001 03:33 PM
Hi McMugle, According to Canada Customs & Revenue Agency (CCRA) you will be charged for a loose diamond from the US: 10% excise tax on the price of the stone, translated into Canadian dollars; The excise tax then gets added to the base value of the stone for purposes of calculating GST = 7%; Plus Ontario PST = 8% : (1.07 + 1.08) x 1.10 x CAD $Price or 1.265 x CAD $Price You should not pay US taxes though [This message has been edited by leonid (edited 08-20-2001).] |
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mcmugle rough rock Posts: 4 |
posted 08-20-2001 04:03 PM
thank you for your quick response. Wow.. It is a lot of money even though I could find a cheap diamond on the web. |
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leonid Moderator Posts: 818 |
posted 08-20-2001 04:09 PM
Yeah... this is what you should pay as a good Canadian and Ontario residenet...  |
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mcmugle rough rock Posts: 4 |
posted 08-20-2001 06:55 PM
so, is everyone has to pay for that 10% excise tax? even though the wholesales or retailer? What if I buy the diamond under my company account? |
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leonid Moderator Posts: 818 |
posted 08-20-2001 07:25 PM
I'm not sure... try to contact CCRA: http://www.ccra-adrc.gc.ca/menu-e.html Or give a call to Martin Sheffield, (905) 731-4247, www.usacerteddiamonds.com. He knows all the details for sure. |
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