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New Tax on Select Luxury Goods in 2022

Updated on March 30, 2022

On March 11, 2022, the Department of Finance released draft legislation on the Luxury Tax proposed in Budget 2021. The Luxury Tax applies on the sale and importation of certain new cars, aircraft over $100,000 and boats over $250,000.

The proposed implementation date of this tax has been adjusted from January 1, 2022 (as proposed in Budget 2021) to September 1, 2022. Vendors and importers will need to either charge or pay the tax on any vehicles, vessels, and aircraft manufactured after 2018 that have not been registered in Canada.

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