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Diamond purchase in Ontario

Discussion in 'RockyTalky' started by mcmugle, Aug 11, 2001.

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  1. mcmugle
    Rough_Rock

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    by mcmugle » Aug 11, 2001
    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?
     
    


    


  2. mcmugle
    Rough_Rock

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    by mcmugle » Aug 11, 2001
    thank you for your quick response. Wow.. It is a lot of money even though I could find a cheap diamond on the web.
     
  3. pricescope
    Ideal_Rock

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    by pricescope » Aug 11, 2001
    Yeah... this is what you should pay as a good Canadian and Ontario residenet... [​IMG]
     
  4. pricescope
    Ideal_Rock

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  5. pricescope
    Ideal_Rock

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    by pricescope » Aug 11, 2001
    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 $Priceor 1.265 x CAD $PriceYou should not pay US taxes though [​IMG]
     
  6. mcmugle
    Rough_Rock

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    by mcmugle » Aug 11, 2001
    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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