When it comes to car insurance, Calgary residents and business owners have depended on the brokers at Bow Valley Insurance to find them excellent coverage at the lowest possible price for 35 years. When you work with one of our brokers, you’ll have access to your own personal insurance specialist who works especially for you…not an insurance company!
The Basics of Importing a Vehicle
It is quite common for those who have purchased a vehicle abroad or who are immigrating to Canada or Canadians returning after working overseas wanting to import their vehicle to Canada. Following is some information but for very comprehensive information visit the relevant Canadian Government website.
CBSA Requirements: Vehicle Import Form — Form 1
In order to import your vehicle it must first meet the requirements of the Canada Border Services Agency (CBSA) To discover whether or not your vehicle will be admissible in Canada, first perform a check on the Canada Border Services Agency’s (CBSA) website.
To obtain a license for your imported vehicle in Canada, you and a CBSA representative must complete the Vehicle Import Form (Form 1).
Tax and Value for Duty
After your vehicle meets requirements, tax and value for duty is assessed based on the price you paid for the vehicle before consideration of its trade in value. This amount is calculated in Canadian funds.
The Bank of Canada Website provides information on current foreign exchange rates.
Example: If the vendor invoice price of your vehicle is $20,000 and your trade-in value is $10,000, the actual amount you could possible receive for your vehicle is $10,000. However, the value for duty declaration will be the entire $20,000. For a more detailed example, see the CBSA publication Importing a Vehicle Into Canada on the CBSA website.
If you received your vehicle as a gift, contact CBSA to determine its value for duty.
Additional Requirements: If your vehicle has air conditioning, you must pay an excise tax of CAN $100. An additional “green tax” for vehicles placed in service on or after March 19, 2007 if it has a weighted, average fuel consumption rating of greater than 13L/100 km may also be levied.
The CBSA publication Settling in Canada provides information on special duty and tax-free benefits for returning residents and those moving into Canada.
Transport Canada: The Registrar of Imported Vehicles (RIV) Program
Generally, when importing vehicles manufactured in the U.S. less than 15 years old you’ll need to determine whether the vehicle can be imported. Visit: Transport Canada’s RIV Program for more information.
The RIV program was created by Transport Canada and establishes and maintains a system of registration, inspection and certification. To ensure imported vehicles are modified, pass inspection and are certified to meet Canadian safety standards, RIV’s standards are applied to any vehicle originally manufactured and distributed in the U.S. but permanently imported into Canada.
Bow Valley Insurance for Car Insurance in Calgary
All imported vehicles will need current car insurance. Calgary residents and business owners depend on us to do the shopping around for you. You’ll save valuable time and get the lowest possible rate. We are happy to provide free rate comparisons so that you can see how we will deliver on our promise!
Please contact us if you have any questions before requesting your free quote, and be sure to read about Ways to Save on car insurance. Calgary brokers can save you time and money and keep your insurance costs low.