Archive for January, 2008

2008 Tax Relief Means Cheaper Vehicle Imports for Canadians

Tuesday, January 1st, 2008

Effective January 1st 2008, the Canadian GST rate has dropped from 6% down to 5%. That means when you import a car into Canada, you will be paying less taxes and thus, the cost to import a vehicle to Canada just got cheaper. The amount your GST will be calculated on is, as always, based on the sale price of the book value of the vehicle, typically whichever is the bigger number. And, for non-North American vehicles, importers will still be paying the standard 6.1% duty.

For more information on the Tax change, see the Tax Relief information page on the Department of Finance of Canada’s website