Canada’s New Federal Luxury Tax

Beginning September 1st, 2022, Canada’s new Luxury Tax comes into effect. The Federal Luxury Tax applies to new vehicle purchases over $100,000 and will be calculated as the lesser of:

• 20% of the retail sale price above the $100,000 threshold or

• 10% of the entire retail sale price of the vehicle

If you have any questions please don’t hesitate to reach out to us.

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