Tag Archives: Tax Advice

Resolving the Ambiguities surrounding the Canadian Luxury Tax: Insights on Application and Exemptions

Canadian Luxury Tax

Canada’s federal legislation on luxury items, the Luxury Items Tax Act (the “Act”), was introduced in the 2021 Federal Budget and came into effect on September 1, 2022. The Act imposes a tax on aircraft, calculated as the lesser of:  The tax applies at the time of sale, importation, or lease of eligible aircraft, with […]

The Canada Luxury Tax

In Budget 2021, the federal government proposed a tax on the sale of new luxury goods purchased for personal use, such as boats, cars, and aircraft (the Proposed Luxury Tax). Today they’ve updated their plans and have indicated that, subject to Parliamentary approval (which is all but certain), the proposed Canada Luxury Tax would come […]