Stage 3 Duty and taxes - Canada

[Dylan Macleod, CSC]

Interested to hear other peoples experiences - but I have just been informed by Fedex customs broker that I must pay duties and taxes based on the FULL amount of the Epic (28K) as opposed to the difference after trade in ($10500). Bit of an unexpected bummer.

[Alexey Datsenko]

But for example VAT is 20% so do you need to pay 10500 plus 5600 USD as taxes?

[Dylan Macleod, CSC]

The tax will be based on the $28000 value - not the $10500 value.

[Alexey Datsenko]

The tax will be based on the $28000 value - not the $10500 value.

So how much it will be? about 5-6K as taxes?

[Dylan Macleod, CSC]

You will have to figure that out based on your own countries tax and duty rates.

[Alexey Datsenko]

You will have to figure that out based on your own countries tax and duty rates.

But aproxx.? for example what about you? 1k?2K? 5K?8K?

[Dylan Macleod, CSC]

Haven't got my final bill yet. Happy to post once I do.

[Petri Teittinen]

If I were to do the Stage 3.5 trade-in with RED US as a private person, not as a company, it would go something like this:

$27,500
$300 shipping
total declaration value: $27,800

4,9% import duty on $27,800 = $1,362.20
23% VAT carried on a total of $29,162.20 = $6,707.31

total import duty + 23% VAT = $8,069.51

Luckily for me I have a company. So when I do Stage 3.5 with RED UK, I only pay the 4,9% duty on $27,500 + shipping cost from RED UK to me.
At least according to the latest information I have from RED UK.

edit: fixed a mistake... the $27,500 is not a trade-in value, it's the price of Epic-x without trade-ins.

[Dylan Macleod, CSC]

If I were to do the Stage 3.5 trade-in with RED US as a private person, not as a company, it would go something like this:

$27,500 trade-in
$300 shipping
total declaration value: $27,800

4,9% import duty on $27,800 = $1,362.20
23% VAT carried on a total of $29,162.20 = $6,707.31

total import duty + 23% VAT = $8,069.51

Luckily for me I have a company. So when I do Stage 3.5 with RED UK, I only pay the 4,9% duty on $27,500 + shipping cost from RED UK to me.
At least according to the latest information I have from RED UK.

Not sure the difference between Stage 3 and 3.5 - but I am talking about Stage 3 where I get credit for the original $17500 purchase (which I already paid duties and taxes on). Seems like the tax man is double dipping to me. My accountant has informed me I will be rebated on this when I do my year end though. So not a big deal. Just unexpected.

[Petri Teittinen]

Not sure the difference between Stage 3 and 3.5 - but I am talking about Stage 3 where I get credit for the original $17500 purchase (which I already paid duties and taxes on).

Same thing with S3.5.

Oops yeah, noticed I had an error in my earlier post. R1 original value $17500, trade-in to Stage 3.5 is $10000.

Seems like the tax man is double dipping to me. My accountant has informed me I will be rebated on this when I do my year end though. So not a big deal. Just unexpected.

Definitely. Could also be a big problem if one did not have that extra $7K on the bank account. I don't.