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- The tax will be 20% of the excess over the $100,000 or $250,000 threshold, but with a maximum of 10% of the value of the car, boat or aircraft. It will apply to both sales and importations. Exports will not be subject to the tax. - Source: Internet
- If you are purchasing a vehicle, make sure you review the bill of sale before signing to be sure all information is accurate and complete. If the luxury tax applies to the vehicle you are buying it should be on the bill of sale. According to the Canada Revenue Agency (CRA) website, the tax is calculated on the retail value “…as the lesser of: - Source: Internet
- The tax will apply at 1% per year of the value of the property. “Value” will be the higher of the assessed value for municipal property tax purposes, and the most recent sale price. Or the owner can elect to provide an appraisal to demonstrate fair market value. - Source: Internet
- under certain conditions, such as where it is a taxable benefit to the employee, or where it qualifies as a remote work site or construction work camp. Amounts paid for up to 6 special events a year at which the meals or entertainment are generally available to all employees at that place of business. This covers office parties open to all staff. - Source: Internet
- The declaration will have to be filed by April 30 each year. The penalty for not reporting the tax owing will be a minimum of $5,000 per year, but will be 5% of the tax, plus 3% for each month the reporting is late, with no maximum. For example, if an owner is 5 years late in filing all returns by April 30 of the next year, the penalty as of May 1 of Year 6 will be 3×60+5 = 185% of the tax for Year 1, plus 3×48+5 = 149% of the tax for Year 2, plus 113% plus 77% plus 41% for Years 3, 4 and 5, for a total penalty of 565% of the tax (with the tax itself increasing year to year as the property value increases). These exponential increases will make it extremely important for non-resident owners to comply. As well, if the report is not filed by December 31 of the year after the year to which it applies, the various exemptions (including for property that is rented out) will not apply for purposes of determining the penalties. - Source: Internet
- T. Evans Electric (2002) — a corporation used its plane to take clients on fly-in fishing trips. The Court allowed full GST input tax credits for the plane operating costs, since “entertainment” does not include transportation: “Flying in a noisy little Cessna to get to the fishing may be enjoyable to some, but likely not to most. The fishing starts when you get to the lake.” - Source: Internet
- The tax will not apply to Canadian citizens or permanent residents of Canada, or to a corporation incorporated under Canadian law that is listed on a Canadian stock exchange. It will apply to other Canadian corporations that have 10% or more foreign ownership (or share voting rights). It will also apply to property held through partnerships and trusts. - Source: Internet
- Manufacturers, wholesalers and retailers will register with the Canada Revenue Agency under the Luxury Tax regime, and the tax will not apply to sales between any of them (e.g., from a manufacturer to a car dealer). It will apply to sales to unregistered persons. The tax will be imposed on the registered person (unlike the GST/HST, which is imposed on the customer and collected by the seller). - Source: Internet
- All-in pricing is the law in Alberta. This means the cost of the luxury tax needs to be included in the all-in advertised price of a vehicle. The only fee that can be added to the advertised price is GST and any costs associated with financing (if applicable). - Source: Internet
- Since the home is not personal-use property, its sale can generate a capital loss. For tax purposes, the estate is deemed to have a cost of the home equal to the home’s value on the day of death. If the home is sold fairly quickly (so that the value has not changed), the costs of the sale, including realtor commission and legal fees, will result in the estate receiving less than cost as proceeds of the sale. The result will be that the commission and legal fees create a capital loss to the estate. The Income Tax Act allows an election for half of this loss (the “allowable capital loss”) to be carried back and deducted in the deceased’s final year, thus reducing the deceased’s tax owing for that year. - Source: Internet
- The rules for cars will cover any motor vehicle designed primarily to carry fewer than 10 passengers on highways and streets, but will not include an ambulance, hearse, combine harvester, backhoe tractor, motorcycle, snowmobile, motor home, or a racing car or all-terrain vehicle that is not road legal. The tax will not apply to vehicles over 3,856 kg gross vehicle weight. As well, a vehicle clearly equipped for police, emergency-response or military activities will be exempt if it is being delivered to (or imported by) a police, emergency-response or military authority. The tax will also not apply to vehicles delivered to a police or fire department, hospital, municipality, and certain other entities. - Source: Internet
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