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Canada v USA

Discussion in 'RockyTalky' started by rockshopper, Feb 4, 2002.

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  1. rockshopper
    Rough_Rock

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    Feb 4, 2002
    by rockshopper » Feb 4, 2002
    I'm in the planning stages of shopping for a diamond for an engagement ring. I was wondering if anyone has any insight into the price differences of comparable diamonds bought in the USA v Canada.

    Also, as I understand, there could be tax issues on loose diamonds - but there would not be on a diamond ring (which might mean that I need to get it set before crossing the border). Any info on that side of things.

    Thanks
     
    


    


  2. pricescope
    Ideal_Rock

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    by pricescope » Feb 4, 2002
    Hi Rockshopper,

    I'm not sure about the diamond ring you might want to double check it...

    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 + 1.0 x 1.10 x CAD $Price

    or 1.265 x CAD $Price

    If you'll buy in Canada you'll still have to pay GST+PST though.
     
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