Tuesday, 26 November 2013

Rules of Black Friday Shopping

Retailers are anticipating Black Friday to a be a huge event in Canada this year. Traditionally a U.S. shopping event that kicks off the holiday season, retailers here have finally caught on that they are loosing Canadian dollars to our American cousins. In a bid to keep Canadians shoppers in Canada, businesses are advertising deep discounts on all things needed for the holidays.

Expert opinion is mixed.  
One recent survey by BMO finds almost 50 per cent of Canadians plan to take advantage of Black Friday deals here in Canada on November 29th. It also says we are expected to spend $292 each. Another  new survey from consulting firm Accenture states 60 per cent of respondent plan to shop at U.S. stores on Black Friday. There is no clear idea of what shoppers will do on Black Friday, but if you are planning to head out here are some easy rules to follow.

Black Friday Shopping Rules
  • Set limits: Make a list and set a budget before you leave your house
  • Plan your route: Know before hand the stores and malls you want to visit
  • Avoid the unnecessary purchases: It’s not a deal unless you need it
  • Get a reality check: Visit your closet to count unused items you bought on sale
  • Don’t add to your stress: Avoid Black Friday shopping if your in deep debt
  • Have faith: Retailers want your business and the deep discount will continue
If you are planning to cross border shop, keep in mind the cost of traveling to there from the G.T.A.

A one night stay in Buffalo near the Walden Galleria will cost  approximately $337.00

Know your personal exemption limits  Canada Border and Service Agency

As a Canadian citizen or Permanent Resident returning to Canada, duties and taxes are applicable on all purchases unless you qualify for a personal exemption. Personal exemptions allow you to bring goods of a certain value into the country without paying the regular duties. If you have been outside Canada for:
  • Less than 24 hours, Personal exemptions do not apply to same-day cross-border shoppers;
  • 24 hours or more, you can bring in CAN$200 worth of goods free of duty and tax;
If the goods you bring in are worth more than CAN$200 in total, you cannot claim this exemption. Instead you have to pay full applicable duties and taxes on all goods you bring in.
  • 48 hours or more, you can bring in CAN$800 worth of goods free of duty and tax;
Although you can include some tobacco products and alcoholic beverages, a partial exemption may apply to cigarettes, tobacco products and manufactured tobacco. For more information, visit the sections called "Alcoholic beverages" and "Tobacco products" on our Internet site.
  • 7 days or more, you can bring in CAN$800 worth of goods free of duty and tax. With the exception of tobacco products and alcoholic beverages, you do not need to have the goods with you when you arrive
Young children and infants are also entitled to a personal exemption. As a parent or guardian, you can make a declaration to the CBSA for a child as long as the goods you are declaring are for the child's use. Children are not entitled to alcohol or tobacco exemptions.
You should have all purchases made abroad and your receipts readily available.

1 comment:

  1. Best of lot of cash on your shopping ban! I've had such problems with those because I always seem to discover the most exciting factors when I can't buy them!