Buying That Boat Now Will Cost You The New Luxury Tax

On September 1st, the luxury tax came into effect and applies to cars and private aircraft that cost more than $100,000 and to boats or yachts of over $250,000. Some upgrades will also be taxed. 

If you were considering buying these, now you will end up paying and additional tax over and above GST and PST or where applicable HST. 

If you do not know what the new Luxury Tax is, here is a helpful article from Canadian Family Offices. 

Click here to access the article