{"id":1093,"date":"2022-09-13T20:47:03","date_gmt":"2022-09-13T20:47:03","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/shipton-duric\/?p=1093"},"modified":"2022-09-13T20:47:03","modified_gmt":"2022-09-13T20:47:03","slug":"canadas-new-luxury-tax-details-effective-september-1-2022","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/oramfinancial\/2022\/09\/13\/canadas-new-luxury-tax-details-effective-september-1-2022\/","title":{"rendered":"Canada&#8217;s New Luxury Tax details &#8211; effective September 1, 2022"},"content":{"rendered":"<p><strong>Aircraft, Vessels and Vehicles:<\/strong><\/p>\n<p>The New Luxury Tax<\/p>\n<p>First announced in the 2021 Federal Budget, the new luxury tax will apply to sales, leases, and imports in Canada of certain luxury recreational aircraft, vessels, and vehicles <strong>delivered on or after September 1, 2022.<\/strong><\/p>\n<p><strong>What is subject to the tax?<\/strong><\/p>\n<p>The sale, lease or import of <strong>new vehicles<\/strong>, private <strong>aircraft<\/strong>, and leisure <strong>vessels <\/strong>with a sale price* or value exceeding the price threshold of:<\/p>\n<p>$100,000 for vehicles and aircraft<\/p>\n<p>$250,000 for boats and yachts<\/p>\n<p>*The price includes taxes, duties, levies and fees, except GST\/HST.<\/p>\n<p>Modifications of \u2265$5,000 within 1 year of sale can also attract the tax.<\/p>\n<p><strong>Who pays the tax?<\/strong><\/p>\n<p>The Vendor. Where the vendor is a federal, provincial, or Indigenous government, the purchaser pays.<br \/>\nVendors making qualifying sales, leases and imports must register, file quarterly returns, and remit the tax.<br \/>\nSales between registered vendors are generally exempt.<\/p>\n<p><strong>!<\/strong> The luxury tax cost will be passed on to consumers \u2013 expect to pay GST\/HST on that cost.<\/p>\n<p><strong>How much is the tax?<\/strong><\/p>\n<p>The lesser of:<\/p>\n<p>10% of sale price or value; and<\/p>\n<p>20% of the excess over the price threshold.<\/p>\n<p><strong>When is the tax paid?<\/strong><\/p>\n<p><strong>Upon Delivery<\/strong>. The tax becomes payable at the earlier of:<br \/>\n\u2022The time of possession or right to use<br \/>\n\u2022The transfer of ownership<\/p>\n<p>Additional tax may be payable on completion of modifications to the luxury item within 1 year of sale.<\/p>\n<p><strong>Exemptions to the tax<\/strong><\/p>\n<p>\u2022Written agreements entered into before 2022<br \/>\n\u2022Vehicles, aircraft, boats manufactured before 2019<br \/>\n\u2022Vehicles with seating capacity of &gt;10 individuals<br \/>\n\u2022RVs that provide temporary accommodation<br \/>\n\u2022Emergency vehicles<br \/>\n\u2022Vehicles with &lt;4 wheels<br \/>\n\u2022Cargo and military aircraft<br \/>\n\u2022Floating homes<br \/>\n\u2022Commercial fishing boats<br \/>\n\u2022Luxury items previously registered with a province or the Government of Canada<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aircraft, Vessels and Vehicles: The New Luxury Tax First announced in the 2021 Federal Budget, the new luxury tax will apply to sales, leases, and imports in Canada of certain luxury recreational aircraft, vessels, and vehicles delivered on or after September 1, 2022. What is subject to the tax? The sale, lease or import of [&hellip;]<\/p>\n","protected":false},"author":77,"featured_media":1096,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canada&#039;s New Luxury Tax details - effective September 1, 2022 - Oram Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/oramfinancial\/2022\/09\/13\/canadas-new-luxury-tax-details-effective-september-1-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canada&#039;s New Luxury Tax details - effective September 1, 2022 - Oram Financial\" \/>\n<meta property=\"og:description\" content=\"Aircraft, Vessels and Vehicles: The New Luxury Tax First announced in the 2021 Federal Budget, the new luxury tax will apply to sales, leases, and imports in Canada of certain luxury recreational aircraft, vessels, and vehicles delivered on or after September 1, 2022. 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