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.