Planning a trip south of the border this holiday season or abroad to visit friends and relatives? Did you know that when you return you are now entitled to higher personal tax exemptions for goods purchased during your trip?
Economic Action Plan 2012 (EAP) introduced the most significant increase in the duty- and tax-free travellers’ exemptions in decades, increasing the value of goods that may be imported duty- and tax-free by Canadian residents returning from abroad after a 24-hour and 48-hour absence to $200 and $800, respectively, harmonizing them with U.S. levels.
Every year, Canadians take approximately 30 million overnight trips outside of Canada. This measure will benefit them by facilitating cross-border processing, easing congestion at the border, and reducing costs. It will also have a positive impact on all Canadians and the economy in general by facilitating trade and increasing border security.