BC luxury tax surcharge
03-13-2018, 08:15 PM
#76
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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
https://www.ctvnews.ca/canada/surgeo...r&_gsc=KVEuc2Z
To be govt owned is just silly at this point.
03-14-2018, 03:08 PM
#77
7th Gear
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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:
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:
- PST on Vehicles valued over $125,000.00 will increase to 15% from the current 10%.
- Vehicles valued over $150,000.00 will increase to 20% PST from the current 10%
- 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
- New Tax policies apply to both new and pre-owned vehicles
- Private sales and gifts of vehicles will attract 12%
03-19-2018, 04:12 PM
#80
Still happy I live in Alberta, even with the crap weather in the winter months. Still just costs me the 5% GST no matter what the price of the vehicle. My Insurance is about $1,000 per year on my 2017 911 Turbo-S with a sticker of $265,000.00. However, the deductible is $12,500 on that car. I do have some recreational properties in BC, but I keep all my cars, motorbikes and boats registered in AB, as that is my permanent residence. My AB income Tax has gone way up since we have the NDPs in power. For some time we had a flat Tax at 10%, now I am in the top bracket at some 16% (IIRC).
03-27-2018, 05:40 PM
#81
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anybody here bending over and taking the new tax hit in april on a luxury car purchase in B.C?
anybody here no longer looking to buy a luxury car after april 1st in B.C due to new tax rate?
anybody here no longer looking to buy a luxury car after april 1st in B.C due to new tax rate?
03-27-2018, 06:05 PM
#82
I do feel sorry for the folks who might be forced to buy new high end cars in BC. I can certainly see that segment taking a bit of a sales hit, but there may be some people with deep pockets who will just pay the price. The sales numbers would be interesting to see.
03-27-2018, 06:38 PM
#83
Drifting
Ive been considering a different car and it seems like all the dealers are in a frenzy about getting their cars out the door before the new tax.
To me, if my budget is $X and the new tax comes in at $y additional costs, than my new budget is $x-$y! I feel that the dealers are scrambling because, much like what will happen if BC institutes some heavy real estate taxes, the value of their inventory is about to go down.
It would require an insane rush from me to beat the tax and I'll never rush a big purchase like that, so I'm going to end up sitting through the tax to see what happens. A lot of the cars Ive been looking at have been sitting for months anyways.
But the dealers are frantically trying to get my car in for an inspection for trade in value, etc... racing before the deadline for *my benefit*.
To me, if my budget is $X and the new tax comes in at $y additional costs, than my new budget is $x-$y! I feel that the dealers are scrambling because, much like what will happen if BC institutes some heavy real estate taxes, the value of their inventory is about to go down.
It would require an insane rush from me to beat the tax and I'll never rush a big purchase like that, so I'm going to end up sitting through the tax to see what happens. A lot of the cars Ive been looking at have been sitting for months anyways.
But the dealers are frantically trying to get my car in for an inspection for trade in value, etc... racing before the deadline for *my benefit*.
03-27-2018, 09:54 PM
#84
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I will bend over if I get the RS allocation. Not changing my car buying plans just yet. I know this makes no sense, but the property tax increase will be an order of magnitude bigger, so it's easier to overlook sore thumb when they are chopping off a leg.
03-27-2018, 10:14 PM
#85
Instructor
I will bend over too. I have 3 deposits on the RS. All from over 2 years ago. All dealers told me all their 918 owners took them all.
03-27-2018, 10:35 PM
#86
Three Wheelin'
And that's the root of it... ICBC did write the policy and are therefore obligated to repair the car regardless of cost. If they don't want to be involved in high-dollar car claims then they shouldn't be writing policies for them.
We need another option other than the ICBC monopoly.
We need another option other than the ICBC monopoly.
03-28-2018, 04:43 PM
#87
Drifting
What do you guys think the new tax rates does to higher end used cars?
Prices go down to accommodate or do they stay flat with total costs going up? A mix of both?
Does the market go quiet and inventory sit?
I've been looking at R8s and GT3s and now McLaren 12cs here in Vancouver and it seems to me that, except for the GT3s that seem to move, the rest have been sitting for many many months.
Prices go down to accommodate or do they stay flat with total costs going up? A mix of both?
Does the market go quiet and inventory sit?
I've been looking at R8s and GT3s and now McLaren 12cs here in Vancouver and it seems to me that, except for the GT3s that seem to move, the rest have been sitting for many many months.
03-28-2018, 05:06 PM
#88
Racer
It seems BC has issues that go well beyond onerous taxation and insurance....
http://nationalpost.com/news/canada/...or-150000-cars
http://nationalpost.com/news/canada/...or-150000-cars
Last edited by DDzPorsche; 03-28-2018 at 05:11 PM. Reason: error
03-28-2018, 11:33 PM
#89
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It seems BC has issues that go well beyond onerous taxation and insurance....
http://nationalpost.com/news/canada/...or-150000-cars
http://nationalpost.com/news/canada/...or-150000-cars
Never really though B.C as a mecca for washing cash however.... I think NDP are being a little too "hero" on this...
03-29-2018, 04:06 PM
#90
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What do you guys think the new tax rates does to higher end used cars?
Prices go down to accommodate or do they stay flat with total costs going up? A mix of both?
Does the market go quiet and inventory sit?
I've been looking at R8s and GT3s and now McLaren 12cs here in Vancouver and it seems to me that, except for the GT3s that seem to move, the rest have been sitting for many many months.
Prices go down to accommodate or do they stay flat with total costs going up? A mix of both?
Does the market go quiet and inventory sit?
I've been looking at R8s and GT3s and now McLaren 12cs here in Vancouver and it seems to me that, except for the GT3s that seem to move, the rest have been sitting for many many months.