older car - in a dilema

[prusa]

We have a 2008 Honda with 120K miles on it. Our jobs are nearby so me and spouse are able to get by using just one car. The kbb value would be around 5K, It has the drl but we need new tires soon. We are thinking if we should upgrade with a newer model and then import the newer model or import the older car and upgrade within Canada after settling down. What is your opinion?

The only advantage of keeping the car is if we happen to need 2 cars because of where our jobs are located.

 

[harirajmohan]

We have a 2008 Honda with 120K miles on it. Our jobs are nearby so me and spouse are able to get by using just one car. The kbb value would be around 5K, It has the drl but we need new tires soon. We are thinking if we should upgrade with a newer model and then import the newer model or import the older car and upgrade within Canada after settling down. What is your opinion?

The only advantage of keeping the car is if we happen to need 2 cars because of where our jobs are located.

Check the prices + state tax (autotrader.ca or kijiji or some site or local dealer) for the city where you would move and take a call with import fee expenses in mind.

 

[DEEPCUR]

If the car is in good drivable condition (reliable for long drives) and if there is no cost to move (not shipping, but driving), I recommend you to keep it. Second car will come handy at some point no matter what if two people are working. Known devil is better any day too. And cars are generally expensive in Canada compared to US. So if you are not going to incur an expense on moving it, best to keep

 

[lenkoo]

We have a 2008 Honda with 120K miles on it. Our jobs are nearby so me and spouse are able to get by using just one car. The kbb value would be around 5K, It has the drl but we need new tires soon. We are thinking if we should upgrade with a newer model and then import the newer model or import the older car and upgrade within Canada after settling down. What is your opinion?

The only advantage of keeping the car is if we happen to need 2 cars because of where our jobs are located.

I am in the same situation where I have a car with 200k miles but I am importing it no matter what. I might need a car in a new place even though the public transport is good. since you already have a car and you are thinking about the second car, your considerations are different than mine. the import fee is around $300 and few things to be done before getting it the border. Also check what it will cost you to maintain two cars if you are planning to drive them. The car insurance cost is relatively high compared to US rates for various reasons. this is a big decision and lot of things to consider.

 

[harirajmohan]

Car insurance per car: 150-250 per month per car as most of us dont have 5-10 years of no claim letter from all the companies in US. So we end up showing "no claim" letter from last 2-3 years insurance companies hence rates are high matching to beginners. So decide if one needs really a second car before purchasing/planning.

There is not much discount for multiple cars like we get in US.

 

[lenkoo]

Car insurance per car: 150-250 per month per car as most of us dont have 5-10 years of no claim letter from all the companies in US. So we end up showing "no claim" letter from last 2-3 years insurance companies hence rates are high matching to beginners. So decide if one needs really a second car before purchasing/planning.

There is not much discount for multiple cars like we get in US.

did you figure out how much taxes you should pay when importing your car?

 

[harirajmohan]

did you figure out how much taxes you should pay when importing your car?

For new immigrant settlers there is no tax, just the import fee. I dont know what would be the tax if you are buying after PR.

 

[lenkoo]

For new immigrant settlers there is no tax, just the import fee. I dont know what would be the tax if you are buying after PR.

It says the following on the RIV website:
Vehicles entering the RIV program with a Vehicle Import Form - Form 1
$310.00 + GST/HST for vehicles entering through a border crossing in any other province

GST

The Goods and Services Tax (GST) is collected on all imported vehicles by the CBSA and is based on:

• the current GST rate (5%), and
• the U.S. sale price of the vehicle before any trade-ins (converted to CDN$)
  plus
• any state or local sales tax paid (converted to CDN$)
  plus
• any excise taxes or duties assessed by CBSA at the border.

I am not sure how this works. Any idea

Thanks

 

[prusa]

I am in the same situation where I have a car with 200k miles but I am importing it no matter what. I might need a car in a new place even though the public transport is good. since you already have a car and you are thinking about the second car, your considerations are different than mine. the import fee is around $300 and few things to be done before getting it the border. Also check what it will cost you to maintain two cars if you are planning to drive them. The car insurance cost is relatively high compared to US rates for various reasons. this is a big decision and lot of things to consider.

Are you planning to upgrade to a newer car in the USA or plan to upgrade later in canada?

 

[harirajmohan]

It says the following on the RIV website:
Vehicles entering the RIV program with a Vehicle Import Form - Form 1
$310.00 + GST/HST for vehicles entering through a border crossing in any other province

GST

The Goods and Services Tax (GST) is collected on all imported vehicles by the CBSA and is based on:

• the current GST rate (5%), and
• the U.S. sale price of the vehicle before any trade-ins (converted to CDN$)
  plus
• any state or local sales tax paid (converted to CDN$)
  plus
• any excise taxes or duties assessed by CBSA at the border.

I am not sure how this works. Any idea

Thanks

That GST for car value is not there for new PR guys. I paid 333.35$ to RIV. You can bring $100k car without any tax while moving.

https://www.cbsa-asfc.gc.ca/travel-voyage/mrc-drc-eng.html
settler exemption is available for you - entering Canada with the intention of establishing, for the first time.

 

[frstexas]

That GST for car value is not there for new PR guys. I paid 333.35$ to RIV. You can bring $100k car without any tax while moving.

https://www.cbsa-asfc.gc.ca/travel-voyage/mrc-drc-eng.html
settler exemption is available for you - entering Canada with the intention of establishing, for the first time.

What about this section of the article you posted?
Note the following specifications for certain circumstances
Any single personal or household item, including an automobile, that is worth more than CAN$10,000 on the date you import it, is subject to applicable duty and taxes on the amount over CAN$10,000. (This applies to items acquired after March 31, 1977.

 

[prusa]

What about this section of the article you posted?
Note the following specifications for certain circumstances
Any single personal or household item, including an automobile, that is worth more than CAN$10,000 on the date you import it, is subject to applicable duty and taxes on the amount over CAN$10,000. (This applies to items acquired after March 31, 1977.

It also says that this is applied only to former residents.

 

[harirajmohan]

What about this section of the article you posted?
Note the following specifications for certain circumstances
Any single personal or household item, including an automobile, that is worth more than CAN$10,000 on the date you import it, is subject to applicable duty and taxes on the amount over CAN$10,000. (This applies to items acquired after March 31, 1977.

If you want to ask again and again on this, same answer comes.
Settler of new PR doesnt pay any tax. So this clause is not applicable to you. Dont you know that we all moved with items more than 10k worth, isnt it?

 

[frstexas]

If you want to ask again and again on this, same answer comes.
Settler of new PR doesnt pay any tax. So this clause is not applicable to you. Dont you know that we all moved with items more than 10k worth, isnt it?

Yea thank you. So my wife would fall under the returning resident clause and have to pay tax on anything over $10,000??? What would be the best way to declare vehicles I have the truck, car, and rv. Can I claim all 3 vehicles under me and pay no tax or do I have to put one under her.

 

[harirajmohan]

Yea thank you. So my wife would fall under the returning resident clause and have to pay tax on anything over $10,000??? What would be the best way to declare vehicles I have the truck, car, and rv. Can I claim all 3 vehicles under me and pay no tax or do I have to put one under her.

So you are going as settler and your spouse as returning resident?
If so then yes, put everything on your name which is the best way to handle without any confusion. They cant ask how come you have 3 vehicles as there is no condition to have a limit in the number of items of same category.

My colleague moved back to Canada and he did not pay anything as he was staying above one year. You can call cbsa to confirm.