Canadian Taxes

New Aquitalia 63’                 $1,603,522.40

9.5 % Duty                                   152,334.63

Sub-Total                               $1,755,857.03

5% GST                                         87,792.85

7% PST                                        122,910.00

Total                                       $1,966,559.88

Minus Original Retail              1,603,522.40

Total Duty & Taxes                 $363,037.48

The BC Government (NDP minority) has a 15% Luxury Tax on values from $125,000.00 to $149,999.00 and 20% on $150,000.00 and up. Currently it applies to automobiles for personal use … not boats, yachts, planes.

The Federal Government (Liberal minority) has proposed a 10% Luxury Tax. With the NDP holding the balance of power this could happen and could be higher.

If you are thinking about buying a yacht it might be wise purchase prior to a Luxury Tax perhaps coming into the mix. If you really trust governments when it comes to taxes and your money I suppose there is no rush.

www.DreamingDo.com

 

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