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BC luxury tax surcharge

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Old 02-28-2018, 12:36 AM
  #61  
tcsracing1
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I am willing to bet that B.C will set the tax rate based on retail value at the time of registration and apply that tax to any trade-in difference, purchase and finance/lease payment.
If I were a dealer principal I would be burning the NDP flag on the front steps of the government building.

The NDP are saying "welcome to B.C, where you have to over pay for your home and luxury car".
Meanwhile, the rest of canada are laughing....

NDP felt that an extra 3% on top of standard PST for vehicles in the $125-150k range was no big deal and that it would be just as easy to now milk it to an additional 8% above the standard PST..... bold.
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Old 03-06-2018, 02:15 AM
  #62  
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Originally Posted by tcsracing1 View Post
B.C is NDP which is it's first problem. Socialist dreamers.
Real estate is already overpriced in Vancouver and because times are "good", the govt feels foreign buyer tax grabs on Vancouver property is warranted. They are already grabbing money on "property transfer tax"... Disgusting.
The city could use a good "correction" to get the govt off their high horse. Nothing short of an earthquake or china closing it's doors to Canada would allow that to happen. Get everybody back down to reality.

This new luxury tax on automobiles as of April 1st 2018 is equally disgusting.
First of all, the fact that Vancouver dealers have been able to do so well in this economy is not something the govt should have the ability to take advantage of.
Dealers have employed record numbers of staff, invested millions in major renovations/facilities and contribute large taxes as result of the luxury auto demand boom. That should be enough for the govt.
The dealers need to be vigilant and stand up to this blatant discriminatory money grab based on the principal alone.

It was bad enough when a vehicle priced between $55,000.00-$59,999.00 warranted 1% additional PST on top of the 7% PST for "luxury" tax grab in B.C. That price is hardly a "luxury" vehicle nowadays...

$125k-$149k vehicles suffered 10% PST (3% over normal PST) which was in bad taste IMO, and now the govt wants it to be 15% PST....
These taxes will be like owning a vehicle in Europe!

What is even more disgusting is the vehicles over $150k. The govt appears to feel it is fair to take the already gangster 10% PST and bump it to $20% PST. Criminal. Those who work hard for what they have and have risked it all to enjoy the rewards only to get penalized? I dont think so.

These PST bumps combined with the 5% GST become too high of a surcharge and makes B.C look like a petty money grab province.

I for one will not be paying these outrageous hikes for the sake of living in B.C. It is a good place, but not that good. It rains half the year and is overpriced.
I rather cut my "luxury" spending in B.C and have a secondary "luxury" automobile someplace else to enjoy it the other half of the year.
I will just continue to drive my outdated pollution causing vehicles in B.C to show the NDP how I really feel about their gouging. No upgrades for me.

Anybody paying these outrageous amounts of tax to own a significant "luxury" vehicle in B.C will be non competitive nationally come resale time. People who can afford these vehicles may very well be turned off based on the principal alone. Not good financial sense for the fiscially responsible.

I feel bad for anybody in the collector car market in B.C.
It is a royal kick in the ***** and spit in the face courtesy of the narrow minded thinking of the NDP socialist party.
no political crap. have you read the forum rules? quote: Furthermore, they must not contain political statements, controversial messages, slurs or any other provocative statements.
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Old 03-06-2018, 01:29 PM
  #63  
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I'd buy a horse before I'd pay 25% tax on a car.
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Old 03-06-2018, 03:24 PM
  #64  
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Originally Posted by creaturecat View Post
no political crap. have you read the forum rules? quote: Furthermore, they must not contain political statements, controversial messages, slurs or any other provocative statements.
great contribution to the thread...
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Old 03-06-2018, 11:18 PM
  #65  
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Welcome in the Justin " the Puppet/Muppet" Trudeau of Canada, where taxes have no Limits!!! and where everything is more expensive than other countries on different items or services !

Watch out other provinces will follow that lead, CROOKS !

Hope that doesn't come in Ontario
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Old 03-07-2018, 01:16 PM
  #66  
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Originally Posted by DeepGsse7 View Post
Welcome in the Justin " the Puppet/Muppet" Trudeau of Canada, where taxes have no Limits!!! and where everything is more expensive than other countries on different items or services !

Watch out other provinces will follow that lead, CROOKS !

Hope that doesn't come in Ontario
The incentive to work hard and create individual wealth is simply non existent.

Given that the US is headed in the opposite direction with respect to industry growth things don't bode well for Canada.

Our Loonie may be starting to reflect that.

At $0.60 all should be good with respect to trade...
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Old 03-07-2018, 01:23 PM
  #67  
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What is the incentive to work hard past a certain point when the government takes in excess of 50% of your income for taxes, and what remains is further taxed on a daily basis? Trudeau and his **** she-male counterpart in Ontario are a menace to this country. And the demographics of this country don't bode well for change since millennials are likely going to want to keep this gravy train indefinitely.
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Old 03-07-2018, 03:12 PM
  #68  
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Originally Posted by moab View Post
What is the incentive to work hard past a certain point when the government takes in excess of 50% of your income for taxes, and what remains is further taxed on a daily basis? Trudeau and his **** she-male counterpart in Ontario are a menace to this country. And the demographics of this country don't bode well for change since millennials are likely going to want to keep this gravy train indefinitely.
Bingo, demographically we're screwed.

I'm looking to retire early and live off tax efficient investments until CPP/RIFs kick in.

Then move to Cost Rica...
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Old 03-07-2018, 04:50 PM
  #69  
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My commercial banker was in last week for our annual review. He asked what new ventures or investments I was planning to do this year and in the near future. I told him nothing.
If the right opportunity comes along that was a no brainer sure we'd do it but otherwise we are not going to leverage more, risk more, employ more, invest more etc. based upon the current tax ideology from Mr. Trudeau and Mr. Morneau and their changes to personal tax rates and private corporation taxation.
The current >50% personal income tax rates are a huge disincentive.
Then there are the new rules, fees etc. regarding EI, CPP, holidays etc. to go along with dramatic increases in property tax assessments (and bills).
Despite MPAC meeting with our tax appeal guy onsite during the last assessment cycle and agreeing on assessment we just saw increases of between 40% & 70% for our 3 properties. Of course they are being appealed.
Gov demand for cash is insatiable. It is no longer a public service supporting business. It is gov exploiting business.
I have other things I'll do with my time.
Banker said they were hearing a lot of that.

Given the current business environment is it any wonder business investment is declining precipitously along with a decline in entrepreneurs starting up. It isn't worth the aggravation and risk. A Mon-Fri. gov. job with a juicy indexed pension is more attractive.
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Old 03-07-2018, 09:37 PM
  #70  
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Originally Posted by Crazy Canuck View Post
My commercial banker was in last week for our annual review. He asked what new ventures or investments I was planning to do this year and in the near future. I told him nothing.
If the right opportunity comes along that was a no brainer sure we'd do it but otherwise we are not going to leverage more, risk more, employ more, invest more etc. based upon the current tax ideology from Mr. Trudeau and Mr. Morneau and their changes to personal tax rates and private corporation taxation.
The current >50% personal income tax rates are a huge disincentive.
Then there are the new rules, fees etc. regarding EI, CPP, holidays etc. to go along with dramatic increases in property tax assessments (and bills).
Despite MPAC meeting with our tax appeal guy onsite during the last assessment cycle and agreeing on assessment we just saw increases of between 40% & 70% for our 3 properties. Of course they are being appealed.
Gov demand for cash is insatiable. It is no longer a public service supporting business. It is gov exploiting business.
I have other things I'll do with my time.
Banker said they were hearing a lot of that.

Given the current business environment is it any wonder business investment is declining precipitously along with a decline in entrepreneurs starting up. It isn't worth the aggravation and risk. A Mon-Fri. gov. job with a juicy indexed pension is more attractive.
At least most of the more onerous new rules proposed around CCPCs have been rolled back. IMO what they finally announced in the budget around passive investments was downright reasonable.
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Old 03-07-2018, 10:03 PM
  #71  
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Originally Posted by Nate Tempest View Post
At least most of the more onerous new rules proposed around CCPCs have been rolled back. IMO what they finally announced in the budget around passive investments was downright reasonable.
I would somewhat agree but the current federal and provincial regimes (most provinces) aren't business friendly in the least. Nor is the City of Ottawa.
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Old 03-13-2018, 10:45 AM
  #72  
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Looks like ICBC under NDP is going to look at raising insurance rates on luxury vehicles too. Mentioned in this piece on a surgeon suing ICBC after he crashed his Ferrari F40
https://www.ctvnews.ca/canada/surgeo...r&_gsc=KVEuc2Z
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Old 03-13-2018, 11:35 AM
  #73  
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I am surprised that ICBC would even write a policy on an F40.
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Old 03-13-2018, 12:55 PM
  #74  
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Interesting... looks like Ferrari Vancouver read the taxes a bit different/wrong. Wonder why

Dear FMOV Client,
We hope this email finds you and your family well. We have had a very busy first quarter, and March is no exception especially with the new luxury car tax coming April 1st, 2018.

As of April 1st 2018:
  1. PST on Vehicles valued over $125,000.00 will increase to 15% from the current 10%.
  2. Vehicles valued over $150,000.00 will increase to 20% PST from the current 10%
  3. GST will remain at 5%, however it is our understanding that the GST will be calculated based on selling price plus PST and then GST will be calculated
  4. New Tax policies apply to both new and pre-owned vehicles
  5. Private sales and gifts of vehicles will attract 12%
The rate applies to both new and used passenger vehicles. See here for more details.
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Old 03-13-2018, 02:08 PM
  #75  
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Originally Posted by creaturecat View Post
no political crap. have you read the forum rules? quote: Furthermore, they must not contain political statements, controversial messages, slurs or any other provocative statements.
Idiot!!
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