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Selling Timber in NE Ontario


 
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Cole Younger
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PostPosted: Sat Jan 05, 2013 4:00 pm    Post subject: Selling Timber in NE Ontario Reply to specific post Reply with quote

Hypothetically speaking ",What Taxes are paid on the sale of timber by Americans. Do you pay Canadian and U.S. or any at all. And how do you get a large sum of money like $50,000 across the boarder leagally?"No one I know can tell me how to do this yet I know it is done all the time. I know you can cross with $10,000 at a time so I guess one could make 5 trips?
 
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fixerupper
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PostPosted: Sat Jan 05, 2013 4:41 pm    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

You'll have to go to a large bank and ask them what you have to do and also, what it will cost and how long it will take. A small bank probably doesn't do international commerce so they won't help you with that amount of money. You will be paying an exchange fee whether it's $10,000 or $50,0000, but if it's $50,000 I suspect you will have to pay more because it will probably be brokered by someone. A broker has to protect himself in case the value of the dollar goes the wrong way at the wrong time. Brokering it could take a few weeks so if you need the money NOW you'll be pretty anxious by the time it shows up in your bank.

Taking $10,000 across the border five times exposes you to the scrutiny of the border guards. How do they know you sold lumber instead of drugs? We went through this when we harvested in Canada. They leave no stone unturned when you have more than a few dollars on you. Jim
 
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Duner Wi
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PostPosted: Sat Jan 05, 2013 4:52 pm    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

Ask a bank that has offices in USA and Canada.
A quick search provided 3 names.
 
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Ken Macfarlane
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PostPosted: Sat Jan 05, 2013 6:24 pm    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

We use a us dollar Chequing account to pay for equipment in the us or a wire transfer between our bank and the us persons bank. Canadian banks are all huge and used to dealing internationally.

As for tax what do you mean? If you're American you have to file income tax no matter where you live.
 
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Drill
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PostPosted: Sat Jan 05, 2013 6:49 pm    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

Anything you sell in Canada is subject to GST(gouge and screw tax)of 5%. In Ontario there is probably a PST(Provincial sales tax), I don't live there so I don't know the rate, but could be up to 15%. Being an US citizen you can probably fill out a form to get it back, but could take a year or more.
 
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bradley martin
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PostPosted: Sun Jan 06, 2013 2:02 am    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

The law does not state that you cannot take more than $10,000. across the border.......it says that you must DECLARE any amount in excess of $10,000 to the Customs and Border Protection officer. There is absolutely no problem in carrying, mailing, wire transferring large and very large amounts of money either way across the border as long as it is in a form that can be easily traced I.e. something that leaves a paper trail like a check, money order etc. It is primarily cash that is a no-no.
 
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doubleN
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PostPosted: Sun Jan 06, 2013 2:56 am    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

Robbed any banks lately?
 
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showcrop
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PostPosted: Sun Jan 06, 2013 4:43 am    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote


Here in New Hampshire the law says that the landowner has to file an "Intent to Cut", with the town. The forester usually takes care of it. Then when the cut is done the town assessor bills them for timber tax.
 
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chevytaHOE5674
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PostPosted: Sun Jan 06, 2013 6:30 am    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

Here in the states proceeds from the sale of timber are taxed as income on IRS form T. Sawmill I used to buy logs for would file a 1099 for each person we paid for wood.
 
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Tony in Mass.
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PostPosted: Sun Jan 06, 2013 6:54 am    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

Are you a northern New York logger? Then I hope they put you in a cell on the north pole forever.
If you are a normal honest human, find a TD bank near you or where you are going in Canada. Tell the manager what you want to do. When a cleared buyer's check is deposited in a TD account, in Canada, it would instantly be converted to and added to your US dollar account, and an ATM could get that cash out either side of the border.
Taxes? Whatever you do, don't try to pull a fast one, it will never work. Not in this computorized world. The TD manager should be able to get all that info for you,
I would worry that if you are trucking these loads yourself, permits, bonding? insurance? You better call Canadian BPS, or take a car to the border, tell someone in the US building first, then in the Canada customs building what you want to do, you don't want to get that far with a loaded rig and be turned around 6 hours later. Or worse! stuck trying to get back in the states. You have a passport or inhanced driver license? If not, you will be in Canada longer than you'd ever thought... homeland security will not let you back in.
I sold my wood to a Canadian buyer who did all that, he just gave me a check on my kitchen table, that was safe and easy.
 
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GVSII
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PostPosted: Sun Jan 06, 2013 7:09 am    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

Tony in Mass. wrote:
(quoted from post at 07:54:00 01/06/13) Are you a northern New York logger? Then I hope they put you in a cell on the north pole forever.
If you are a normal honest human, find a TD bank near you or where you are going in Canada. Tell the manager what you want to do. When a cleared buyer's check is deposited in a TD account, in Canada, it would instantly be converted to and added to your US dollar account, and an ATM could get that cash out either side of the border.
Taxes? Whatever you do, don't try to pull a fast one, it will never work. Not in this computorized world. The TD manager should be able to get all that info for you,
I would worry that if you are trucking these loads yourself, permits, bonding? insurance? You better call Canadian BPS, or take a car to the border, tell someone in the US building first, then in the Canada customs building what you want to do, you don't want to get that far with a loaded rig and be turned around 6 hours later. Or worse! stuck trying to get back in the states. You have a passport or inhanced driver license? If not, you will be in Canada longer than you'd ever thought... homeland security will not let you back in.
I sold my wood to a Canadian buyer who did all that, he just gave me a check on my kitchen table, that was safe and easy.


Tony, I have no idea what your beef is with NNY logers . I've dealt with 2 in the last 15 years . A fair amount of land and a fair amount of mony was involved."0" problems with either outfit.Both outfits are respected around here.
 
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RodinNS
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PostPosted: Sun Jan 06, 2013 9:22 am    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

With the present price of fiber your tax bill will be exceedingly small....

I would think you will pay income tax in whatever jurisdiction you are considered a resident.
Supposing you are doing things legally... a cheque or wire transfer should be sufficient to move the money...

Rod
 
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RodinNS
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PostPosted: Sun Jan 06, 2013 2:54 pm    Post subject: Re: Selling Timber in NE Ontario Reply to specific post Reply with quote

Well... you were fortunate. You either found a couple of individuals that were honest... or at least used better lubricant than most of their competition.

My observation in this area is that most land owners really have no idea what's there... or what it's worth... so anyone who gives them a lump of money up front and keeps most of the mess out of sight will come out a hero. Most don't know that they got half what the wood was worth, which at this point in time isn't much itself.

Rod
 
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