Diamond purchase in Ontario

[mcmugle]

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?

 

[mcmugle]

thank you for your quick response. Wow.. It is a lot of money even though I could find a cheap diamond on the web.

 

[pricescope]

Yeah... this is what you should pay as a good Canadian and Ontario residenet...

 

[pricescope]

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.

 

[pricescope]

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 + 1.0 x 1.10 x CAD $Priceor 1.265 x CAD $PriceYou should not pay US taxes though

 

[mcmugle]

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?