Boat Purchase Paperwork - Used

[chriswh86]

Hi SFBC!

I may be purchasing my first boat next week, a used boat. Im just curious what paper work i will need to do/get and so on.

I belive reg. papers will be needed on the trailer, along with transfer papers that I will need to do at the time of purchase. If people can fill me in on what i need to do with the boat, that is the part im most confused about, getting it transfered/registered and so on.

Thanks SFBC

Chris,

 

[scott craven]

You will need a bill of sale for the boat, and ICBC transfer papers for the trailer.
Take the documents to your insurance office and they will look after the transfer for you.
I will give you a link for Service Canada pleasure craft licence.
http://www.tc.gc.ca/wwwdocs/Forms/84-0172E_1007-04_E.pdf
Print the form, fill it out and mail it with a copy of the bill of sale and they will send you
your licence.

You're done !

 

[chriswh86]

And is there certain information that has to be on the bill of sale?

Thanks
Chris,

 

[Reel Knotty]

Here you go.
(pdf file)

http://www.tc.gc.ca/media/documents/marinesafety/billofsale-actedevente-eng.pdf

 

[chriswh86]

Thanks All

What about the bow number? should that be added to the bill of sale? What do i need to do with that.

Chris,

 

[Hookin'up]

Thanks All

What about the bow number? should that be added to the bill of sale? What do i need to do with that.

Chris,

thats also known as the pleasure craft license number,
you will see a spot for it on the document Reel Knotty refers to
right at the top. see if the owner has the paper liscense for the boat the older ones had an ownership transfer section either on the bottom or the reverse side i can't remember which now, but you will know if its registered to him at least if he does have it,
r.s.craven above has pointed you in the direction to have that liscense number transfered to you, you will have to pay the taxes on the boat portion to services canada and the taxes for the trailer portion to ICBC so claim them accordingly even though you are paying a package price, you will have to figure what you feel each is worth for eg. package at 15k boat is 13k trailer is 2k

 

[Hookin'up]

oh and keep a copy of the completed pleasure craft liscense transfer with you on the boat untill you recieve the actual liscense
in case you get checked on the water it is a must!

 

[alwaysfishn]

If you buy the boat privately shortly after you register it in your name you will receive a bill for the sales taxes due. Hopefully you've worked that into your budget.

If you bought from a dealer you would have already paid the sales tax.

 

[chriswh86]

Opps,

overlooked that Pleasure Craft # Part. Ive got it now, i guess its important to make sure he is the current registered owner to save from mess ups when we try to transfer.

As for getting a bill for sales tax. I should be expecting just 12% correct?


Id also like to ask all of you what options i have in the way of insuring my boat?

 

[chriswh86]

thats also known as the pleasure craft license number,
you will see a spot for it on the document Reel Knotty refers to
right at the top. see if the owner has the paper liscense for the boat the older ones had an ownership transfer section either on the bottom or the reverse side i can't remember which now, but you will know if its registered to him at least if he does have it,
r.s.craven above has pointed you in the direction to have that liscense number transfered to you, you will have to pay the taxes on the boat portion to services canada and the taxes for the trailer portion to ICBC so claim them accordingly even though you are paying a package price, you will have to figure what you feel each is worth for eg. package at 15k boat is 13k trailer is 2k

So basically if im buying a boat/trailer for 5k, ill just claim 1500 or so on the transfer papers for the trailer when i go to icbc and claim 3500 on my bill of sale that i sent for a license change.

 

[alwaysfishn]

ICBC only wants the tax on the trailer. CRA will be looking for the 12% on the boat.

 

[Hookin'up]

So basically if im buying a boat/trailer for 5k, ill just claim 1500 or so on the transfer papers for the trailer when i go to icbc and claim 3500 on my bill of sale that i sent for a license change.

Yes exactly

 

[chriswh86]

Thanks

So is ICBC the only avalible boat insurer? What options do I have for insurance and so on

 

[Sushihunter]

Get the seller to make up 3 seperate bills of sale:

1 - Boat Hull
2 - Trailer
3 - Other items - anchor, fishing tackle, lifejackets, flares, motor if OB, everything that is not the boat hull.

You will pay tax on 1 & 2, but not on 3 - try to be "realistic" in your pricing. The tax man won't buy into your $50 boat and $30,000 anchor & lifejackets!

 

[eaglemaniac]

Sage advise Sushi. eman