🇨🇦 Government does not want you to own nice things…
(Note: $250k CAD ~ $180k USD)
🇨🇦 Luxury Tax:
For vessels priced above $250,000, the Luxury Tax is calculated as follows:
10% of the total value for the first $250,000.
20% of the excess value above $250,000.
For example, a yacht priced at $380,000 would incur a Luxury Tax of:
10% of $250,000 = $25,000
20% of $130,000 (excess value above $250,000) = $26,000 Total Luxury Tax = $51,000
The GST (Goods and Services Tax) and QST (Quebec Sales Tax) will also apply to the Luxury Tax.
Not only does this distort & destroy the buy/seller market it also impacts all those in the surrounding blue collar industry and trades that maintain, refit and manage “nice” things. 