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Greg Dalgetty If your wealthy clients are planning to buy a luxury vehicle, they may want to do so by the end of this year. In Monday’s federal budget, the Liberals made good on a campaign promise to introduce a tax on luxury vehicles and aircraft costing $100,000 or more and boats costing $250,000 or more. The proposed tax, which would take effect Jan. 1, 2022, would be the lesser of two amounts: either 10% of the purchase price, or 20% of the amount by which the purchase price exceeds the luxury threshold ($100,000 for cars and aircraft and $250,000 for boats). “It gives the purchaser a choice: they can pay 10% of the full value, or they can pay 20% on the amount of excess over $100,000,” said Joseph Micallef, partner and national leader, financial services, with KPMG in Canada.

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