The Canadian government has announced the introduction of a new tax on the sale or importation of select luxury items.
The select luxury items tax act – which comes into effect on September 1, 2022 - was announced in the 2021 Budget and applies to certain vehicles and aircraft priced above $100,000 and certain vessels priced above $250,000.
Those required to register with the Canada Revenue Agency (CRA), under the Select Luxury Items Tax Act, include:
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