New duty-free rules sure to entice cross-border shoppers
With new duty-free rules coming into play as of June 1, those who already love cross-border shopping are going to be more tempted than ever before.
You’ll be able to return with $200 of tax-exempt goods if you’re in the United States for 24 to 48 hours, up from $50. Visiting for more than 48 hours allows you to bring back up to $800 worth of goods duty free, up from $400.
Other cross-border shopping tips:
If you go often, it’s worth opening a U.S. dollar account through your Canadian bank.
You can also apply for a U.S.-dollar credit card to access your funds and avoid paying the typical 2.5-per-cent conversion fee on your purchases. If your trips are less frequent, like mine, then you likely won’t mind using your credit card and paying the conversion fees.
Using your credit card provides proof of purchase if you lose your receipt, something that comes in handy if you get caught up in a clearance and — having a change of heart — need to return an item before making the trek home.
Source, Image: Globe and Mail, Dreamer7112