Buying a boat in Canada isn’t as easy as simply making the decision to do so. It’s not overly difficult, but there are some regulations and requirements you need to be aware of, particularly if you are purchasing a boat you plan to give as a gift. The same is true if you already own a boat and want to give it away (transfer of ownership), rather than selling it. In any case, being sure you follow the proper steps means staying compliant with boating laws and still enjoying the satisfaction of gifting someone you love with a boat. This guide will help.
What to Know About Giving a Boat as a Gift
The most important thing to be aware of when you give your boat to someone else is the documentation requirements. This is a vital part of ownership and needs to be current and valid when it comes to the information on the paperwork. You need to get this taken care of as soon as possible so proper ownership is recorded with the relevant authorities.
What to Know About Documentation
The main point of documentation is that it must have the name of the current owner on it to be legal. That means that if you’re giving your boat to a friend or family member (or anyone else), the documentation must be amended, listing that person as the owner.
If you are purchasing the boat, don’t file the paperwork until you’ve given the boat as a gift. At that time the recipient can take care of this themselves.
If you already own the boat and are giving it as a gift, you’ll have to complete transfer documentation. Anytime you complete paperwork pertaining to your vessel, it’s vital to check and double check all of the details. Mistakes and incomplete documentation can prolong the transfer process and can result in additional fines and fees.
Filing for a Transfer of Ownership
If you own the boat you are giving as a gift. The process for this is different and you will need to be a part of the transfer process. That’s because documentation that goes with the vessel already exists and is in your name. To gift the boat, you’ll need to have the ownership papers and other relevant documents transferred to the new owner.
In this case, you’ll fill out the transfer application, pay the associated fee and we’ll take over from there. Keep in mind that since you are giving the boat away, there won’t be a bill of sale. Instead, provide a bill of sale that is amended to state that the vessel is a gift. Be sure you also have all other relevant information available so that completing the transfer paperwork is fast and efficient.
If you have more questions or you need help working through the documentation process, contact the Canadian Vessel Registry today and we’ll guide you through each step as you enjoy buying a boat in Canada and gifting to a loved one.
