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MediaGuy 06-19-2009 10:09 AM

Taxes on Boat Purchase
 
My Brother-in-law bought a boat in Florida and went offshore for the closing and didn't pay any tax. He is a dual citizen, Canadian and Argentine, living in Argentina (sailing the Caribbean).
I am wondering about registration as a Canadian and Tax issues which would be the best for me. I am not taking the boat to Canada but will be keeping it in the Caribbean. The tankers are all registered in Panama. If I register in Canada the taxes are wow. Any suggestions????

Thanks!!

sailingdog 06-19-2009 10:28 AM

You'd really need to consult an attorney versed in tax law for canada, but I would point out that if you're in US waters for more than 90 days, that you'll generally be paying some sort of taxes on the boat regardless.

Vasco 06-19-2009 10:41 AM

You can register the vessel in Canada and as long as the vessel does not enter Canada no taxes are payable.
Registration of Vessels - Vessel Registration Office - Operations and Environmental Programs - Marine Safety - Marine Transportation - Transport Canada

imagine2frolic 06-19-2009 12:22 PM

When I bought Imagine in the Caribbean. I registered the boat in my glorious home state Ca. Ca. actually drops the taxes after 6 months if you can prove the boat never entered Ca. within that time......i2f

hellosailor 06-19-2009 03:33 PM

"I registered the boat in my glorious home state Ca. Ca. actually drops the taxes after 6 months if you can prove the boat never entered Ca. within that time"
That's got to be the shortest and most generous sales/use tax policy in the entire US! No wonder Cali is going bankrupt.


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