In-Bond

[Bluewaters2812]

Hi folks,

In our search for our boat we have come across one that says it is considered "in-bond" in Canada. Can anyone with experience expand a bit on what this means for a purchaser of a boat?

[atoll]

Originally Posted by Ship2210

Hi folks,

In our search for our boat we have come across one that says it is considered "in-bond" in Canada. Can anyone with experience expand a bit on what this means for a purchaser of a boat?

probably has a tip,or "temporary import permit"
normaly issued to foreign owners that are not eligeable to pay import tax whilst cruising a countries waters,on the understanding that the boat will leave after a period of time.

if bought by a resident they will have to pay import duty and any vat

[Bluewaters2812]

Originally Posted by atoll

probably has a tip,or "temporary import permit"
normaly issued to foreign owners that are not eligeable to pay import tax whilst cruising a countries waters,on the understanding that the boat will leave after a period of time.

if bought by a resident they will have to pay import duty and any vat

Thanks Atoll, perhaps I should have added that it is currently in the Caribbean but apparently has the Canadian "in-bond" status? I'm just wondering whether this means the purchaser will/can be held liable for import taxes? Not sure if you would know the answer to that?

[atoll]

it just means it hasn't paid tax in canada,a bit like uk registered boats that are deemed vat unpaid in the eu,so no liability would be passed on to the new owner unless you are canadian,and want to return to canada with the boat.

as a uk citizen you will still be eligable to pay vat on it regardless if you return to the eu

[Caribsailors]

Try This.

Reporting of Cargo and Transportation of in Bond Goods - Canada/Manitoba Business Service Centre

Cheers

[Bluewaters2812]

Originally Posted by Caribsailors

Try This.

Reporting of Cargo and Transportation of in Bond Goods - Canada/Manitoba Business Service Centre

Cheers

Thanks I did see that.

[Bluewaters2812]

Originally Posted by atoll

it just means it hasn't paid tax in canada,a bit like uk registered boats that are deemed vat unpaid in the eu,so no liability would be passed on to the new owner unless you are canadian,and want to return to canada with the boat.

as a uk citizen you will still be eligable to pay vat on it regardless if you return to the eu

Ok thanks, that answers the question for me.