INB365 INB365 Homework B3 Calculations – Fishing World Scenario: You are the owner of “Fishing World”. At the suggestion of a business associate you have decided to investigate the importation of...

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:


INB365 INB365 Homework B3 Calculations – Fishing World Scenario: 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, and (2) Complete all B3 fields involved in (1). (3) If Canadian made fillet knives have a cost price of $95.00 CAD with GST included should you import US made fillet knives? FISHING WORLD ANSWER SHEET 1. Calculate the VFCC, VFD, CD, VFT, GST AND TDTP a. VFCC - b. VFD - c. CD - d. VFT - e. GST - f. TDTP - 2. Calculation to see what is the cheaper knife to buy: 3. Therefore, based on the imported calculations of ____________per knife and the Canadian Manufacture knife of $95.00 including GST, the importer should by Canadian 27 CLASSIFICATION NO. N° DE CLASSEMENT B3-3 (04) CANADA CUSTOMS CODING FORM DOUANES CANADA - FORMULE DE CODAGE 44 WAREHOUSE NO. - N° D'ENTREPÔT 45 CARGO CONTROL NO. - N° DE CONTRÔLE DU FRET 43 DEPOSIT - DÉPÔT 46 CARRIER CODE AT IMPORTATION CODE DE TRANSPORTEUR À L'IMPORTATION DECLARATION - DÉCLARATION 47 48 SIMA ASSESSMENT COTISATION DE LMSI 49 EXCISE TAX TAXE D'ACCISE 50 GST TPS TOTAL I JE PLEASE PRINT NAME - LETTRES MOULÉES S.V.P. OF DE IMPORTER / AGENT - IMPORTATEUR / AGENT DECLARE THE PARTICULARS OF THIS DOCUMENT TO BE TRUE, ACCURATE AND COMPLETE. DÉCLARE QUE LES RENSEIGNEMENTS CI-DESSUS SONT VRAIS ET COMPLETS. DATE SIGNATURE CUSTOMS DUTIES DROITS DE DOUANE 51 PROTECTED B (WHEN COMPLETED) PROTÉGÉ B (UNE FOIS REMPLI) 22 DESCRIPTION DÉSIGNATION 42 GST TPS 39 SIMA ASSESSMENT COTISATION DE LMSI 38 CUSTOMS DUTIES DROITS DE DOUANE 34 E.T. RATE TAUX T.A. 35 RATE OF GST TAUX DE TPS 36 VALUE FOR CURRENCY CONVERSION CONVERSION VALEUR POUR CHANGE 31 VFD CODE CODE VD 32 SIMA CODE CODE DE LMSI 28 TARIFF CODE TARIFAIRE 29 QUANTITY QUANTITÉ 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 30 U - M 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 41 VALUE FOR TAX VALEUR POUR TAXE 40 EXCISE TAX TAXE D'ACCISE PREVIOUS TRANSACTION - TRANSACTION ANTÉRIEURE 37 VALUE FOR DUTY VALEUR EN DOUANE 23 WEIGHT / KGM POIDS / KGM 21 LINE LIGNE 24 NUMBER - NUMÉRO 25 LINE-LIGNE 27 CLASSIFICATION NO. N° DE CLASSEMENT 22 DESCRIPTION DÉSIGNATION 42 GST TPS 39 SIMA ASSESSMENT COTISATION DE LMSI 38 CUSTOMS DUTIES DROITS DE DOUANE 34 E.T. RATE TAUX T.A. 35 RATE OF GST TAUX DE TPS 36 VALUE FOR CURRENCY CONVERSION CONVERSION VALEUR POUR CHANGE 31 VFD CODE CODE VD 32 SIMA CODE CODE DE LMSI 28 TARIFF CODE TARIFAIRE 29 QUANTITY QUANTITÉ 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 30 U - M 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 41 VALUE FOR TAX VALEUR POUR TAXE 40 EXCISE TAX TAXE D'ACCISE PREVIOUS TRANSACTION - TRANSACTION ANTÉRIEURE 37 VALUE FOR DUTY VALEUR EN DOUANE 23 WEIGHT / KGM POIDS / KGM 21 LINE LIGNE 24 NUMBER - NUMÉRO 25 LINE-LIGNE 27 CLASSIFICATION NO. N° DE CLASSEMENT 22 DESCRIPTION DÉSIGNATION 42 GST TPS 39 SIMA ASSESSMENT COTISATION DE LMSI 38 CUSTOMS DUTIES DROITS DE DOUANE 34 E.T. RATE TAUX T.A. 35 RATE OF GST TAUX DE TPS 36 VALUE FOR CURRENCY CONVERSION CONVERSION VALEUR POUR CHANGE 31 VFD CODE CODE VD 32 SIMA CODE CODE DE LMSI 28 TARIFF CODE TARIFAIRE 29 QUANTITY QUANTITÉ 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 30 U - M 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 41 VALUE FOR TAX VALEUR POUR TAXE 40 EXCISE TAX TAXE D'ACCISE PREVIOUS TRANSACTION - TRANSACTION ANTÉRIEURE 37 VALUE FOR DUTY VALEUR EN DOUANE 23 WEIGHT / KGM POIDS / KGM 21 LINE LIGNE 24 NUMBER - NUMÉRO 25 LINE-LIGNE 27 CLASSIFICATION NO. N° DE CLASSEMENT 22 DESCRIPTION DÉSIGNATION 42 GST TPS 39 SIMA ASSESSMENT COTISATION DE LMSI 38 CUSTOMS DUTIES DROITS DE DOUANE 34 E.T. RATE TAUX T.A. 35 RATE OF GST TAUX DE TPS 36 VALUE FOR CURRENCY CONVERSION CONVERSION VALEUR POUR CHANGE 31 VFD CODE CODE VD 32 SIMA CODE CODE DE LMSI 28 TARIFF CODE TARIFAIRE 29 QUANTITY QUANTITÉ 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 30 U - M 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 41 VALUE FOR TAX VALEUR POUR TAXE 40 EXCISE TAX TAXE D'ACCISE PREVIOUS TRANSACTION - TRANSACTION ANTÉRIEURE 37 VALUE FOR DUTY VALEUR EN DOUANE 23 WEIGHT / KGM POIDS / KGM 21 LINE LIGNE 24 NUMBER - NUMÉRO 25 LINE-LIGNE 27 CLASSIFICATION NO. N° DE CLASSEMENT 22 DESCRIPTION DÉSIGNATION 42 GST TPS 39 SIMA ASSESSMENT COTISATION DE LMSI 38 CUSTOMS DUTIES DROITS DE DOUANE 34 E.T. RATE TAUX T.A. 35 RATE OF GST TAUX DE TPS 36 VALUE FOR CURRENCY CONVERSION CONVERSION VALEUR POUR CHANGE 31 VFD CODE CODE VD 32 SIMA CODE CODE DE LMSI 28 TARIFF CODE TARIFAIRE 29 QUANTITY QUANTITÉ 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 30 U - M 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 41 VALUE FOR TAX VALEUR POUR TAXE 40 EXCISE TAX TAXE D'ACCISE PREVIOUS TRANSACTION - TRANSACTION ANTÉRIEURE 37 VALUE FOR DUTY VALEUR EN DOUANE 23 WEIGHT / KGM POIDS / KGM 21 LINE LIGNE 24 NUMBER - NUMÉRO 25 LINE-LIGNE Agence des services frontaliers du Canada Canada Border Services Agency UNCOMPLETED Answer to Fishing Knives.pdf Slide Number 1 Slide Number 2 Slide Number 3 Slide Number 4 24: 25: 26: 27: 28: 29: 30: 31: 32: 33: 34: 35: rateofdutya: etratea: rategsta: 39: valdutya: customdutiesa: smnaassessa: excisea: valuetaxa: gsta: 46: 47: 48: 49: 50: 51: 52: 53: 54: 55: 56: 57: rateofdutyb: etrateb: rategstb: 61: valdutyb: customdutiesb: smaassessb: exciseb: valuetaxb: gstb: 68: 69: 70: 71: 72: 73: 74: 75: 76: 77: 78: 79: rateofdutyc: etratec: rategstc: 83: valdutyc: customdutiesc: smaassessc: excisec: valuetaxc: gstc: 90: 91: 92: 93: 94: 95: 96: 97: 98: 99: 100: 101: rateofdutyd: etrated: rategstd: 105: valdutyd: customdutiesd: smaassessd: excised: valuetaxd: gstd: 112: 113: 114: 115: 116: 117: 118: 119: 120: 121: 122: 123: rateofdutye: etratee: rategste: 127: valdutye: customdutiese: smaassesse: excisee: valuetaxe: gste: 135: 136: 137: 143: 144: date 3: yyyy/mm/dd 145: 134: customdutiestot: simmaassesstot: excisetaxtot: gsttot: grandtot: