Legislation to impose a luxury tax on new cars, boats and aircraft will create about $779M in new tax revenue over five years, but also impact future sales of…
Forecasted sales of luxury cars, planes and boats in Canada are expected to drop 15 per cent over the next five fiscal years, the note predicts — a projected hit to the economy of around $2.88 billion.Article content
Draft legislation published in March requires those involved in the sale or import of luxury vehicles, planes or boats to register with the federal government — allowing both the tracking of sales and imposition of the new luxury tax. The entire amount is also payable at the time of sale or import into Canada, regardless if it was purchased outright or over time.
Motor vehicles subject to the luxury tax must carry retail prices exceeding $100,000, be equipped to accommodate fewer than 10 passengers and weigh under 3,856 kilograms.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Luxury tax may cost Canadian industry big with $3B hit to economy: PBOLegislation to impose a luxury tax on new cars, boats and aircraft will create about $779M in new tax revenue over five years, but also impact future sales of…
Read more »
Gurney’s Montauk to open $16 million luxury spaGurney’s Montauk is opening the Seawater Spa, an ambitious $16 million facility poised to become the destination for Hamptons wellness this summer.
Read more »
Travis Barker's teen daughter Alabama takes fans inside dad's luxury private jetTravis Barker's 16-year-old daughter Alabama used TikTok to take fans inside her newlywed dad's private jet on a flight to Italy
Read more »
Luxury tax may cost Canadian industry big with $3B hit to economy: PBOLegislation to impose a luxury tax on new cars, boats and aircraft will create about $779M in new tax revenue over five years, but also impact future sales of…
Read more »
Boaters descend on Illinois' Chain O'Lakes, undeterred by high gas pricesIllinois boaters are anxious to hit the water on the Chain O'Lakes and get boating season underway, despite the high cost of gas.
Read more »
How Inflation And Supply Chain Disruptions Can Increase Your Business’ Tax BillBusinesses that use LIFO (last-in-first-out) accounting for tax and GAAP purchases could get hit with an unexpected tax bill as a result of supply chain snags.
Read more »