Boat ownership is a dream come true for many. If you consider yourself in this class, you have no doubt spent months or even years pining for a boat of your own. It is no wonder, really–with your own boat, you have the freedom to hit the open water whenever the urge should strike you. If the wind at your back and the sun on your skin is too hard to resist, you may be thinking about finally taking the plunge and purchasing a boat. If you are like a lot of folks, though, you have found yourself with a case of sticker shock. Boats are expensive, no doubt about it. It can take months of saving and time spent perusing the marketplace before finding the right vessel for you. It is also not unheard of to take out a boat mortgage in Canada. Often called marine mortgages, these lending instruments allow boat owners to finance the purchase of their boats. While this can be a great way to obtain your first vessel, it will mean completing some additional paperwork with Transport Canada, and that’s where we can help.
Let’s face it, a boat can be a major investment. Not unlike a new car, boats can quickly enter the five-figure range in the marketplace. Also like a motor vehicle, many seek out financing when purchasing a boat. This can make the pathway to boat ownership more attainable to many. If you are familiar with boating at all, you have probably heard of a boat license or a vessel registration. A boat license, or pleasure craft license (PCL), is a requirement for certain leisure vessels. When you finance a boat, though, you will need to jump straight to a vessel registration. Read on to learn more.
Why a Boat Mortgage in Canada Requires a Registration
When a bank issues a loan, they are making an investment. Like any investor, it makes sense that they would want to protect themselves. By registering your vessel with Transport Canada, your boat will be documented in a central database, making it easier to locate in the event that it goes missing. This often gives lenders peace of mind.
Other types of boats require registration as well. To be more precise, commercial vessels and boats traveling internationally under the Canadian flag must be registered. To complete the registration process, there are some forms that you will need to fill out. First, you will need a Form 1 – Application for Vessel Registration. You will also require a Form 3 – Statement of Qualification for Vessel Registration. Lastly, Transport Canada will ask for a tonnage measurement and photographs of all four sides of your vessel.
Register Your Vessel with Our Online Forms
You can use our fillable web forms to apply for your Canadian vessel registration in just a matter of minutes. To learn more about our services, spend a few minutes exploring our site, or visit our Frequently Asked Questions page for more information.
