It is $206.70 total ($195 + GST). There are no other fees or duties, other than the cost of driving there to get the sled. The inspection is paid for as part of the $195. By the time you've registered it you will have paid the PST and GST on the purchase price (or if the Canadian customs agent thinks the sled would be more expensive in Canada you might pay taxes on a slightly higher value), just like you would if you purchased it in Canada.
One drawback is you can't just run out and pick up the sled and go sledding. You have to:
1. Forward the statement of origin to US Customs at the border you plan to cross at 3 days in advance (you may have to pay for the sled at this point to do this).
2. Pay for and Pick up the sled (no tax paid).
3. Pick up the now approved for export statement of origin from US Customs.
4. Fill out the RIV form and pay GST plus the $195 at Canadian Customs.
5. Request and receive the Yamaha USA recall compliance letter.
6. Take it in for inspection (many approved locations, including all Canadian Tires).
7. Go to the license bureau to register it in your name and pay PST.
8. Plus your then you're supposed to wait until you receive the RIV compliance sticker to stick on the sled (but Yamaha's currently arrive with the necessary Canadian and US compliance stickers already attached).
You will spend a few hours and probably close to a week getting all of that taken care of.
Check
http://www.riv.ca for more details.
As far as the drive, for many of us it's about the same time to drive to a previous Canadian dealer or a dealer in the US (there are many close to the border). The one drawback is crossing the border with a sled can sometimes cause delays and you need to make sure you have all the paperwork with you.
You can't get your sled repaired in Canada under warranty, but you can get a very inexpensive 5 year bumper to bumper warranty with no 12,500 mile limit in the US. If a motor or something major goes your covered for a full 5 years.
On the other hand, if something small goes it might be easier to grab the parts at a local dealer and just pay the few bucks and replace it yourself. The amount you saved with current prices should cover this.
It's sounds like a lot of work and hassle and it is to some extent. Only you can decide if it's worthwhile or not for you.