Boat Purchase Agreement Canada

Depending on the characteristics of your boat, you may need a Transport Canada licence. Used boat? Used boats often come with expensive safety equipment and extras – and perhaps also with problems. The purchase of a used boat by a person or dealer is the same. Your offer to purchase (a legal document) should be linked to a professional boat investigation that presents no major problems, a deficiency crisis and maritime control. Remember, a boat is a hull and an engine (and sails). If they are well built and in good condition, everything else is secondary. You can use our checklist for boat inspection, so you don`t let “lovers” blind you to obvious problems! Hire the professional surveyor for a better choice. After purchasing a used boat, you will need a “sales invoice” signed by the owner to transfer the driver`s license to your name. A bad partnership occurs when people use boats in a very different way, when one is chaotic and the other very neat, when one person wants to arm himself with Spinnaker and the other wants to sail, or when one does the maintenance and the other just wants to sail. Cruising: Lynn and Larry Pardey, a world-renowned cruise couple who have written numerous books, conducted a survey a few years ago on cruise ships crossing the Panama Canal.

They discovered that the annual cost of cruises varied directly with the length of the boat! In other words, a boat costs twice as long to cross, regardless of other factors. Whether you are selling your family boat, a large motorboat or something in between, completing the transfer of ownership requires some paperwork. Know the requirements and have your files organized in advance so you don`t stop the final sale. The requirements are defined by transfer of ownership on the Transport Canada website. Not all your notarized documents are always necessary, but it`s always a good idea. Everyone must have the pleasure craftsman card to operate almost all boats with engines. Note that this differs from the boat license which simply identifies the boat. The boat license is not the same as the registration of cars and does not guarantee legal ownership. Learn more about boating licenses and registration to understand the difference. A boat broker will generally pay a licence and VAT payment.

Used boats can be transferred with a “sales invoice” signed by the previous owner. Make sure the trailer is fiscally on a separate receipt. Other costs for new or used boats: Before deciding to buy a boat, you must consider the cost of financing. GST and the provincial revenue tax (paid by driver`s license) must be paid on new and used boats. Other costs to consider are mandatory safety equipment and operating costs, such as fuel, maintenance, carrying costs and winter storage. In general, the cost of these items increases with the length and size of a boat. Boaters also pay taxes and fees before, during and after the purchase of a boat. Some provinces have combined HSTs (provincial and federal taxes).

Insurance: Insurance can be a heavy burden of one year. For small boats, ask your insurance agent to mention the cost of including the boat in your home insurance. Insurance is usually cheaper if you have a high deductible, your boat has more than minimal safety equipment (like halon fire equipment installed), you don`t have fuel incinerators, your insurance record is clear, and you don`t go south, etc.

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