From EY. Canada..
Tax Alert 2022 No. 39, 19 August 2022
The Government of Canada has enacted the Select Luxury Items Tax Act (the Act), which was included in Bill C-19, Budget Implementation Act, 2022, No. 1. Bill C-19 received Royal Assent on 23 June 2022. The Act imposes a “luxury tax” on the sale and import of subject vehicles, subject aircraft and subject vessels (collectively, subject items) that exceed specified price thresholds. The luxury tax takes effect on 1 September 2022. Vendors of vehicles, aircraft and vessels should carefully consider the provisions of the Act to determine their registration and reporting obligations.
As well, on 9 August 2022, the Department of Finance released for public comment draft legislative and regulatory proposals, including the draft Select Luxury Items Tax Regulations. The regulations, which come into force on 1 September 2022, address concerns raised by stakeholders relating to exports of aircraft, reporting requirements for automobile vendors, and the application of transitional rules.
Well we all know what happens to businesses and markets once stuff like this starts showing up.
Do you think Biden will follow the leader with a bonehead move like this in the USA?
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