CitizenVectron Posted August 5, 2022 Share Posted August 5, 2022 Canada introduces new tax for luxury cars and aircraft WWW.NEWSWEEK.COM Those buying high-end cars, private jets and yachts over a certain price will now have to pay 10 percent of the item's value because of the new tax. Quote Part of the government's commitment to making the Canadian tax system fairer, the new law, called the Select Luxury Items Tax Act, will go into effect on September 1. Quote Under the new law, any organization buying luxury cars and aircraft exceeding 100,000 Canadian dollars ($77,770) and boats costing more than CA$250,000 ($172,969) will have to pay a tax that's equal to 10 percent of the item's full value. Quote "The impact of the COVID recession has been very uneven. Some Canadians have lost their jobs or small businesses, while some sectors of the economy have flourished. That's why it is fair today to ask those Canadians who can afford to buy luxury goods to contribute a little bit more. To that end, the recent budget followed through on the government's commitment to introduce a tax on select luxury goods," the statement said. I'm cool with that. 1 1 Quote Link to comment Share on other sites More sharing options...
Brick Posted August 5, 2022 Share Posted August 5, 2022 Good. Quote Link to comment Share on other sites More sharing options...
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