Is the Newly Imposed Canadian Luxury Tax Impacting You?
Are you a luxury car enthusiast? Do you have a love for flying planes or driving boats? If so, you may have heard about the Select Luxury Tax Act of up to 10% that came into effect on September 1st, 2022. Luxury Tax is applicable to personal vehicles and aircraft priced over $100,000 and boats priced over $250,000, as a way to ensure people pay their fair share of taxes, as stated in section 10.1 of the 2021 Budget.