You are the owner of "Fishing World". At the suggestion of a business associate, you have decided to investigate the importation of certain fishing knives. The first item you would like to import is fillet Knives with fixed blades. In order to determine if the cost of imported fillet knives is competitive with Canadian-made fillet knives you must calculate the duties and taxes associated with the importation of this product. Additional details are as follows: 

Number of units: 10000 fillet knives 

Cost per unit:$ 100.00 USD 

Exchange rate: $1 USD = $1.45 CAD

 Tariff Treatment: MFN

 GST Rate: standard 5% 

Using the Customs Tariff page and information provided you are asked to:

(1) Calculate the VFCC, VFD, CD, VFT, GST and TDTP for 10000 fillet knives.

(2) Complete all B3 fields involved.

 

(3) If Canadian-made fillet knives have a cost price of $170.00 CAD with GST included should you import US made fillet knives?

Answer rating: 100% (QA)

SOLUTION 1 To calculate the VFCC we need to multiply the cost per unit by the number of units and the exchange rate VFCC 10000 x 10000 x 145 1450000 CAD To calculate the VFD we need to determine the r... View the full answer