Canadian Buyers: Luxury Tax
01-28-2023, 12:08 AM
#76
Rennlist Member
01-28-2023, 02:05 PM
#77
Rennlist Member
Holy crap, I feel bad for my Canadian friends.
Last edited by Mark S; 01-28-2023 at 02:18 PM.
01-28-2023, 03:27 PM
#79
Burning Brakes
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06-09-2024, 04:01 PM
#81
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I'm curious if anyone has seen any numbers yet showing the effect of the luxury tax on boat sales in Canada. I would imagine the high end sector took a big hit. Or perhaps the sales moved to used boats built in 2018 or earlier? It would be interesting to know if the only result of this ingenious regulation was the crushing of new boat sales
06-09-2024, 07:04 PM
#82
Canadians will now face a 20% tax on vehicles over $100K at a max of 10% of the total price of the vehicle.
The tax comes into effect on September 1st. My car is expected to be delivered in August, but if the date slips to Sept, will I have to pay the tax? Or because the deal was already initially signed in 2021 am I in the clear?
I hope it comes in the next few weeks...which is likely since the ship arrived in Halifax yesterday. This will help me stop worrying. I really dont want to pay $15000 more for the exact same car.
https://www.canada.ca/en/services/ta...istration.html
The tax comes into effect on September 1st. My car is expected to be delivered in August, but if the date slips to Sept, will I have to pay the tax? Or because the deal was already initially signed in 2021 am I in the clear?
I hope it comes in the next few weeks...which is likely since the ship arrived in Halifax yesterday. This will help me stop worrying. I really dont want to pay $15000 more for the exact same car.
https://www.canada.ca/en/services/ta...istration.html
06-09-2024, 08:01 PM
#83
I'm curious if anyone has seen any numbers yet showing the effect of the luxury tax on boat sales in Canada. I would imagine the high end sector took a big hit. Or perhaps the sales moved to used boats built in 2018 or earlier? It would be interesting to know if the only result of this ingenious regulation was the crushing of new boat sales
06-09-2024, 08:04 PM
#84
Rennlist Member
06-10-2024, 12:37 PM
#86
Rennlist Member
06-10-2024, 01:02 PM
#87
Was searching for data on this exact subject and can't find anything. Was speaking to a GM dealer last week and they said it's absolutely killing them on $100k plus vehicles in combination with higher rates. Wonder if the next gov't will back from away or retool, although it seems unlikely. At minimum the threshold seems too low as $100k vehicles are common these days. Feels like a 'middle class' tax mostly.
The very worst part of Canada's tax problem is that virtually everything goes to feeding an ever-growing bureaucracy at all levels of government - municipal, provincial, federal - and almost nothing to actual delivery of improved services and infrastructure. This government has also weaponized every global issue as a distraction from their inability to solve anything at the local or national level. Emboldened by the feds, municipalities are spending time declaring a climate crisis and doubling down on identity politics instead of fixing pot holes, for example. It's not that these global issues aren't real, it's instead that politicians want people to be focused on tribal ideas instead of concrete actions that are visible at the local level.
I'd actually be OK with paying a luxury tax on a discretionary purchase of an expensive car if I believed it would improve education and health care, but obviously it's done nothing to help those issues. It serves two purposes: funding a larger federal work force, which does less actual work than has ever been the case; and reinforcing a class war "rich people = bad" narrative that is politically convenient for the government.
Rant over.
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06-10-2024, 01:15 PM
#89
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The next government is in a somewhat fortunate position in that Trudeau and his cabal of corrupt morons has created such a high tax burden, that we'll all be relieved with fairly modest adjustments. For example, the 66% capital gains inclusion rate, if it goes through, almost certainly won't get put back to 50% when the Conservatives get into power, just as the luxury tax probably won't be touched, certainly not eliminated.
The very worst part of Canada's tax problem is that virtually everything goes to feeding an ever-growing bureaucracy at all levels of government - municipal, provincial, federal - and almost nothing to actual delivery of improved services and infrastructure. This government has also weaponized every global issue as a distraction from their inability to solve anything at the local or national level. Emboldened by the feds, municipalities are spending time declaring a climate crisis and doubling down on identity politics instead of fixing pot holes, for example. It's not that these global issues aren't real, it's instead that politicians want people to be focused on tribal ideas instead of concrete actions that are visible at the local level.
I'd actually be OK with paying a luxury tax on a discretionary purchase of an expensive car if I believed it would improve education and health care, but obviously it's done nothing to help those issues. It serves two purposes: funding a larger federal work force, which does less actual work than has ever been the case; and reinforcing a class war "rich people = bad" narrative that is politically convenient for the government.
Rant over.
The very worst part of Canada's tax problem is that virtually everything goes to feeding an ever-growing bureaucracy at all levels of government - municipal, provincial, federal - and almost nothing to actual delivery of improved services and infrastructure. This government has also weaponized every global issue as a distraction from their inability to solve anything at the local or national level. Emboldened by the feds, municipalities are spending time declaring a climate crisis and doubling down on identity politics instead of fixing pot holes, for example. It's not that these global issues aren't real, it's instead that politicians want people to be focused on tribal ideas instead of concrete actions that are visible at the local level.
I'd actually be OK with paying a luxury tax on a discretionary purchase of an expensive car if I believed it would improve education and health care, but obviously it's done nothing to help those issues. It serves two purposes: funding a larger federal work force, which does less actual work than has ever been the case; and reinforcing a class war "rich people = bad" narrative that is politically convenient for the government.
Rant over.
Our annual home tax in Ajax, ON (suburb of Toronto basically) went up $960 this year bringing us to $10k annually for no real gain in services. Its pathetic.
As for cars, its definitely hurting the luxury car market in Canada. Z06 are now being offered by dealers for cancelled orders and US dealers are buying up GT3s here in Canada (I know of 3 cars that left Canada last week).
Here's a fun little tid bit of Canadian stats...I'm not surprised at all more folks have left the country in the past year than over the last 10 years!!!
https://www.cbc.ca/news/politics/can...high-1.7218479
Last edited by CamsPorsche; 06-10-2024 at 01:20 PM.
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