New luxury tax for cars over $100k to kick in January 1, 2022

New luxury tax for cars over $100k to kick in January 1, 2022
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The Trudeau Liberals have launched consultations to design a proposed Luxury Tax which would apply to the purchase of new luxury cars and aircraft with a retail sale price over $100,000, and new boats over $250,000.

Explaining that the impact of the COVID “recession” has been “very uneven”, the federal government states that it's “fair today to ask those Canadians who can afford to buy luxury goods to contribute a little bit more”:

The tax would be calculated at the lesser of 20 per cent of the value above these thresholds ($100,000 for cars and aircraft, $250,000 for boats) or 10 per cent of the full value of the luxury car, boat or aircraft.

The Luxury Tax is proposed to come into force on January 1, 2022.

In 2018, Rebel News published an exclusive access to information document detailing the taxpayer-funded armada of boats purchased by Trudeau for use at the government-funded cottage at Harrington Lake.

You can watch that story here:

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