I'm considering buying a new (2008) Tacoma down in the states as they are MUCH cheaper down there, then importing it to Canada. Would I have to pay duty on it?

First you have to find a dealer that will sell you one " and you wont " if vehicle is for export and your not a residence of United States

If it was that simple why bother having dealers in Canada, its simply not allowed by the Mfg to export new vehicles, used is not a problem. sorry

You had better check with Toyota Canada (not a dealer) before you screw your hard-working local friends out of their living. I think you will find the new policy means a Canadian resident purchasing a Toyota in the US and bringing it back will have no warranty on it. Chrysler did the the same thing when the PT Cruiser first came out and was cheaper in Canada - American purchasers had no warranty when they took it home.
If you were living in the US, purchased the car, and moved to Canada, your warranty would transfer.
By the way, Chrysler and Honda will not give warranty in Canada to Canadian residents who go to the US and purchase, and GM will give the Canadian warranty, but only after you have it home for 6 months.
And you will pay the appropriate PST, GST, and air conditioning tax, not to mention the riv inspection fee, and the costs of making any modifications to Canadian standards that may not be on the vehicle.

You will be paying a considerable less amount for the car in the US, and will not have to pay taxes in the US. However, you will be paying taxes on the car in Canada, and will have to have an inport/export company flat bed the vech. into and out of the country and pay whatever fees they require...

Hello;

Not sure which Province you are in, but in Ontario:

Vehicles brought to Ontario from other provinces or Countries must be registered within 30 days after their arrival to the Province.

The registration of old vehicles require the presentation of the following documents:

-Registration or Title of the vehicle in the former jurisdiction (originals only- no photocopies)

-Insurance information if plates are required (see Insurance )

-Safety Standard Certificate (SSC)

-Drive Clean Certificate (Emissions Certificate)

-Application for registrations (available at the Licensing Offices)

-Ontario Sales Tax is applicable on the Fair Market Value of the vehicle * * or in the case of imported vehicles on the base price used by Canada Customs to calculate duties and taxes.

-For registration of Vehicles imported into Canada, the Customs FORM 1 is required. The Customs Office at the port of entry issues this form upon payment of any duties and taxes and the fees for the Registrar of Motor Vehicles (RMV). The office of the Registrar of Motor Vehicles within 10 days sends the “Inspection Document” –FORM 2 and a modifications worksheet, which allows he registrant to bring the vehicle into compliance with Canada Safety Standards. When the procedure is completed the FORM 1 will be ready to be used for the registration of the vehicle. Upon admission of the vehicle to Canada, the importer has 45 days to complete any modifications required by the Canada Safety Standards, and also to have the vehicle inspected.
The actual mileage of the vehicle must be declared at the moment of registration. Compulsory after December 8, 2003.

Hope this helps.