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2 Fun Facts Luxury Car Tax Loophole | Section 179 Vehicles
- “I think it is great for Canadians to be successful. It is great for Canadians to be prosperous. I also think that people who are doing really, really well should feel comfortable supporting everybody else,” she said. “And, I bet if you ask the truckers and mechanics who are here, do they think it’s fair for someone who is spending $250,000 on a boat to pay a 10 per cent luxury tax so that we can afford the things we need as a country? I bet they’d say ‘Yeah, that makes a lot of sense.’” - Source: Internet
- Only vehicles typically used as personal vehicles, such as sedans, sports cars, minivans and SUVs, will be taxed under the Select Luxury Items Tax Act. The vehicle must have a weight of 3,856 kilograms or less and have seating for 10 or fewer passengers. Motorcycles, ATVs, snowmobiles, motor homes, ambulances, police cars, firetrucks and military vehicles are exempt from the tax. - Source: Internet
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Video | Luxury Car Tax Loophole
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