Consultations on proposed Luxury Tax launched
This proposed Luxury Tax will apply on the sale of new luxury cars and aircraft with a retail sale price of over $100,000 and new boats over $250,000. The tax would be calculated at the lesser of 20% of the value above these thresholds or 10% of the full value of the luxury car, boat or aircraft. The tax is proposed to start on January 1, 2022.
Starting August 10th until September 30th, 2021, the Government of Canada will be open to receiving the views of stakeholders on the design of the proposed Luxury Tax.
For more details, please click on this link: https://www.canada.ca/en/department-finance/programs/consultations/2021/consultation-proposed-luxury-tax.html