The New Select Luxury Items Tax Act
Excerpt:
After some delay and following a lengthy consultation process, the federal government will begin taxing the sale of recreational luxury goods, including certain vehicles, aircraft and vessels, as of September 1st, 2022, under the Select Luxury Items Tax Act. Subject to a few exceptions, the new luxury tax will apply to the purchase of any pleasure vessels manufactured after 2018 which have a sale price of $250,000 or more and which are designed or adapted for leisure, recreation, or sport activities.
About Catherine A. Hofmann
Catherine is a partner at Bernard LLP and acts for both private and public companies in a wide range of industry sectors including marine, transportation, vessel construction, manufacturing, and forestry. Her practice focuses on mergers and acquisitions, divestitures, debt and equity financing, organization of new and existing business ventures, including shareholder agreements, partnerships, joint ventures and corporate reorganizations. Catherine also… view full profile »
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- Email: hofmann@bernardllp.ca