Luxury Vehicle Tax (Canada)

[kmbusse]

Has anyone looked into the Liberal's new budget proposal of 10% on vehicles and aircraft over 100K and how that will apply to a plane that is bought part by part? If you have bought the majority of it before the budget passes will we owe on what is purchased after, or will we need to pay on the total value of the finished aircraft, no matter how much has been purchased before the new tax?
Just wondering if it would be prudent to finish paying for the engine which won't arrive before May, and anything else that we haven't bought already.

Thanks,

Kerry

 

[Dayz]

They are still talking about it - will it happen; probably or something similar. It is the same tax they have in BC at the moment which is proposed to go up to 15%. It is a tax for transfer of goods therefore, i am under the impression that that you will already pay tax on the parts you are buying at the moment (13%) and that will be it. The next guy who buys your aircraft will have to pay that luxury tax. Please provide link if you have more info.

 

[Denase]

Kmbusse

The liberals in Canada are proposing this?

 

[kmbusse]

It is in their budget proposal but has yet to be voted on.
With it being a minority government it will be interesting to see what changes are made prior to a vote on it.