1. Hockey Canada Inc., imports Hockey Equipment from the United States on Commercial Invoice #12345. The value of the equipment is US$42165.25: the exchange rate is 1.2813, duty rate is 6.5%.
   The equipment is not for sale, it will be reported to Customs on a B3, type 10, and stored in a Bonded Warehouse for 6 months. Show all calculations for full marks.
   i. Calculate how much Duty and GST Hockey Canada is owing to Canada Customs  (Canada Border Services Agency) for this shipment if it was released immediately to Hockey Canada  
   ii. How much Duty & GST is deferred for the 6 months if the goods were stored in a bonded warehouse for 6 months? 

1. Basketball Inc. imports basketball equipment from the United States on Commercial Invoice #12345. The value of the equipment is US$ 47165.75: the exchange rate is 1.27813, duty rate is 8.5%. The equipment is not for sale, it will be in Canada for 6 months for testing and demonstration.
    The imported basket equipment qualifies as a Temporary Import Regulation, full duty deferral under Code 9993, and partial GST (1/60 of the NVFT). 
   Calculate how much Duty and GST Basketball Inc. owes to CBSA for this shipment.

Answer rating: 100% (QA)

i To calculate the duty and GST owed by Hockey Canada Inc if the equipment was released immediately ... View the full answer