Be Aware of the Proposed Luxury Vehicle Tax

Clients and friends,

As shared in a previous touchpoint, the proposed 2022 Federal Budget includes discussion of a luxury vehicle tax which targets the sale of new, high-priced automobiles and aircraft (priced over $100,000), as well as new boats (priced over $250,000). There is now a proposed date for this to be made effective: September 1st of this year.

So, how will the tax work? Either as:

  • The lesser of 20% of the value above the price thresholds; or
  • 10% of the full value of the luxury vehicle, aircraft or vessel.

Click Here for an article with more on the subject. If you have any questions, we’re here to chat.

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