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Corvette
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<blockquote data-quote="gone" data-source="post: 274553" data-attributes="member: 5899"><p>I found the 2 news releases put out by our government, about this new "luxury tax" on autos, planes and boats:</p><p></p><p><strong>1. First "backgrounder" came out August 10, 2021:</strong></p><p></p><p>[URL unfurl="true"]https://www.canada.ca/en/department-finance/programs/consultations/2021/consultation-proposed-luxury-tax/select-luxury-goods-tax.html[/URL]</p><p></p><p>This tells us that for automobiles manufactured after 2018 and sold for over $100,000.00, the tax would apply UNLESS those automobiles had previously been registered in Canada. So my take on this: if you import a <u><strong>used</strong></u> vehicle into Canada that's been manufactured in 2019 or afterwards, and it's never been registered before in Canada, then the tax is payable by the end purchaser, when it sells for over $100,000.00. Plus of course the tax applies to any <u><strong>new</strong></u> vehicles sold for over $100,000.00;</p><p></p><p><strong>2. Second/last one dated March 21, 2022:</strong></p><p></p><p>[URL unfurl="true"]https://www.canada.ca/en/department-finance/news/2022/03/government-releases-draft-legislative-proposals-to-implement-luxury-tax.html[/URL]</p><p></p><p>This second release modifies a few things in the first release and specifically: "relief is proposed to be provided to after-sale improvements that are made to vehicles, aircraft or vessels purchased below the relevant price threshold". So my understanding is that anyone buying a vehicle for less than $100,000.00 but then modifying or adding extras onto the vehicle, which then push the final sale price over the $100,000.00 mark, may not have to pay the luxury tax. </p><p></p><p>All of this has yet to be finalized. The latest release tells us it's a draft and the government is looking for input. It suggests all of this might come into effect September 1/22. Of course, all of this is subject to change. Stay tuned...</p></blockquote><p></p>
[QUOTE="gone, post: 274553, member: 5899"] I found the 2 news releases put out by our government, about this new "luxury tax" on autos, planes and boats: [B]1. First "backgrounder" came out August 10, 2021:[/B] [URL unfurl="true"]https://www.canada.ca/en/department-finance/programs/consultations/2021/consultation-proposed-luxury-tax/select-luxury-goods-tax.html[/URL] This tells us that for automobiles manufactured after 2018 and sold for over $100,000.00, the tax would apply UNLESS those automobiles had previously been registered in Canada. So my take on this: if you import a [U][B]used[/B][/U] vehicle into Canada that's been manufactured in 2019 or afterwards, and it's never been registered before in Canada, then the tax is payable by the end purchaser, when it sells for over $100,000.00. Plus of course the tax applies to any [U][B]new[/B][/U] vehicles sold for over $100,000.00; [B]2. Second/last one dated March 21, 2022:[/B] [URL unfurl="true"]https://www.canada.ca/en/department-finance/news/2022/03/government-releases-draft-legislative-proposals-to-implement-luxury-tax.html[/URL] This second release modifies a few things in the first release and specifically: "relief is proposed to be provided to after-sale improvements that are made to vehicles, aircraft or vessels purchased below the relevant price threshold". So my understanding is that anyone buying a vehicle for less than $100,000.00 but then modifying or adding extras onto the vehicle, which then push the final sale price over the $100,000.00 mark, may not have to pay the luxury tax. All of this has yet to be finalized. The latest release tells us it's a draft and the government is looking for input. It suggests all of this might come into effect September 1/22. Of course, all of this is subject to change. Stay tuned... [/QUOTE]
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