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  • Budget 2021 outlined that the luxury tax would be the lesser of 20% of the vehicle’s value above a threshold, or 10% of the full value of the luxury vehicle. The threshold proposed was $100,000 for cars/trucks and aircraft and $250,000 for boats. The timeline for coming-into-force was January 1, 2022. - Source: Internet
  • What consultation feedback is the Department of Finance working to incorporate? Ultimately, time will tell. However, CADA notes both ongoing semiconductor shortages, and existing BC and Quebec luxury vehicle taxes, as important considerations for the industry. The boating and aviation industry, on the other hand, appear to be concerned about the impacts of cancelled contracts and shifts in sales and manufacturing to other jurisdictions. - Source: Internet
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