For those who like to enjoy the great outdoors, it is hard to beat owning a boat. For Canadians especially, there are so many lakes, rivers, and expansive coastlines to explore with a vessel of your own. Of course, buying a boat can be a sizable investment and commitment. If you are new to sea life, you may want to perform a bit of research before you take the plunge into making an offer on a vessel. As there are so many different types of boats on the market for purchase, you will likely be able to find the perfect vessel that suits your needs. Over the years, though, you may find that your boat ownership needs may change, and in that case, you may find yourself in a scenario where you are looking to sell your boat. Well, in such an event, you may want to use a bill of sale Canada template, as certain maritime transactions will require them.
Selling your boat is not always a negative occasion. For instance, maybe it is finally time to upgrade and better accommodate your growing family. Or, perhaps, you are looking for a more modest vessel for relaxation purposes? No matter your specific situation, you can likely net a fair price on Canada’s robust secondary marketplace. Let’s face it: boats can be expensive. Brand new boats, in particular, can be prohibitively costly for prospective boat owners. Not to mention, you also have to contend with docking fees, maintenance costs, and an ever-rising cost of fuel. With this in mind, many opt to purchase a well-maintained, previously owned-vessel. If you are selling such a boat, you will want to list it in print and digital marketplaces to attract a buyer. Once you have negotiated a price, there may be a bit of paperwork to complete, and this will commonly include a bill of sale.
When is a Bill of Sale Canada Template Mandatory?
When a boat is financed with a bank loan or is used for any sort of commercial purpose, it must be registered with Transport Canada. This is also the case for any boat that plans to travel internationally while flying the Canadian flag. When a registered vessel is sold, it is compulsory for the seller to complete a Form 6 – Bill of Sale. This document, which we make available on our website, will ask for some basic details about the parties involved in the transaction, as well as the vessel itself.
Boats with pleasure craft licenses (PCLs)–which are a requirement for motorized vessels with engines of 7.5 kW or more–can also be sold and have their documentation transferred. While a bill of sale is not necessarily required by Transport Canada, it can be beneficial to all parties involved to draw one up for record-keeping purposes.
Use Our Web Forms Today
We can help you process your Transport Canada paperwork online the easy way. Take a look around our site to learn more about our services, or visit our Frequently Asked Questions page for more information.
