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Diamond purchase in Ontario

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mcmugle

Rough_Rock
Joined
Aug 19, 2001
Messages
3
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

Rough_Rock
Joined
Aug 19, 2001
Messages
3
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

Ideal_Rock
Joined
Dec 31, 1999
Messages
8,266
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
 

mcmugle

Rough_Rock
Joined
Aug 19, 2001
Messages
3
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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