Luxury Tax on Vehicles and Boats begins Sept 1st

[ABMax24]

Luxury tax registration - Canada.ca

Who has to register. When and how to register.

www.canada.ca

 

[Med1ogre]

How much is it?

 

[neilsleder]

Just what we need is a new tax.

 

[lilduke]

Seems like an easy one to get around lol

 

[pommie_git]

Lesser of 10% of full value or 20% of value above threshold. 100K for cars and planes, 250K for boats.

So it’s an extra $4K on a $120K Tesla
Extra $1K on a $105K F350

Nothing too tragic right now but wait a few more years of inflation and this’ll start to bite

 

[ABMax24]

Read a couple articles that this is retractive to January 1 2022, but can't find any details to support this on the government of Canada page.

 

[catalac]

Lesser of 10% of full value or 20% of value above threshold. 100K for cars and planes, 250K for boats.

So it’s an extra $4K on a $120K Tesla
Extra $1K on a $105K F350

Nothing too tragic right now but wait a few more years of inflation and this’ll start to bite

Screw that… “nothing too tragic” are you serious or a commie?

 

[ABMax24]

FYI most one tons don't apply to this, vehicle with a GVW over 3,856kg are exempt.

 

[drew562]

Luxury tax. Like in monopoly. lol.

 

[pommie_git]

Screw that… “nothing too tragic” are you serious or a commie?

Of all the ways the government is currently plucking me this is just the least consequential and easiest for a future government to reverse

 

[4extreme]

Of all the ways the government is currently plucking me this is just the least consequential and easiest for a future government to reverse

when has any government reverse any tax?

 

[ABMax24]

when has any government reverse any tax?

Pretty sure Harper cut the gst to 5% from 7%

 

[LennyR]

Pretty sure Harper cut the gst to 5% from 7%

He said reverse , not reduce ! But it does show what most governments realize , add on 10 % or 50 cents a litre , or $1000 per vehicle or house , listen to the outrage …….. then reduce it by 20 % and take a bow and accept the accolades for looking out for the voters . Personally , I’m sick of watching that !

 

[lilduke]

One time in the history of Canada they reduced gst from 7% to 5%,

Holy fk, somebody get harper a medal or something

 

[ABMax24]

B!tch when taxes go up, b!tch when taxes go down, the only thing consistent here is the b!tching.

 

[lilduke]

You mean the one time, a tax went down in history of Canada by 2 points, im sopposed to jump for joy. lmfao

Get rid of them and you wont here any complaining from me.

Suppose you are on board with the luxury tax. Oh boy...

 

[ABMax24]

Yeah that's right, paying 50% of my income to various taxes isn't quite enough, so I called up Trudeau's personal line and asked him for more.

You're welcome.

 

[lilduke]

So you start a tax thread and are surprised when people complain about tax's? What kind of responses were you looking for.


Lol

 

[Ron H]

Ultimately the poorest/bottom of the "pyramid" pay for these sort of things anyways...
Lets face it, as Taxes go up people just charge more for what they provide or do...

Its all smoke and mirrors...

 

[pommie_git]

Ultimately the poorest/bottom of the "pyramid" pay for these sort of things anyways...
Lets face it, as Taxes go up people just charge more for what they provide or do...

Its all smoke and mirrors...

Yeah, or the rich guys just leave and the country as a whole is poorer.

No one who was thinking about buying a yacht or a motor cruiser will buy it in Canada anymore. It’ll be bought elsewhere, Canadian flagged, but will never visit Canada else the owner would be on the hook for gst, maybe pst and now luxury tax.

You could buy a $1mil yacht elsewhere in the world and own it for years but if you ever crossed that border into Canada with it they’d hit you with a bill for about $220K in taxes.