Luxury Tax

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pelmet
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Luxury Tax

Post by pelmet » Wed Jan 01, 2020 3:09 pm

Another tax for aviation. Write your MP to try to stop it.....

https://copanational.org/en/2019/12/19/ ... t-20191219
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JohnnyHotRocks
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Re: Luxury Tax

Post by JohnnyHotRocks » Wed Jan 01, 2020 4:21 pm

Gotta come up with money somewhere after the budget failed to balance itself 🙄
This will cause the private jet owners to register more airplanes in foreign countries
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JasonE
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Re: Luxury Tax

Post by JasonE » Wed Jan 01, 2020 7:58 pm

Lots of 110k airplanes just became 99k with an 11k pile of "spare parts".

Poorly thought out tax.
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CpnCrunch
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Re: Luxury Tax

Post by CpnCrunch » Wed Jan 01, 2020 8:18 pm

It's a little unclear at the moment. Will it apply to used aircraft or just new?
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digits_
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Re: Luxury Tax

Post by digits_ » Wed Jan 01, 2020 8:21 pm

Is an aircraft owned by a corporation still a personal aircraft?
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Old fella
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Re: Luxury Tax

Post by Old fella » Wed Jan 01, 2020 9:14 pm

Indeed....... somehow I don’t this will be a burning issue with 90% of the population.
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Inverted2
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Re: Luxury Tax

Post by Inverted2 » Wed Jan 01, 2020 9:15 pm

There’s a lot of ways around this if you’re smart. Usually people who are wealthy enough to afford 6 figure toys are also intelligent enough to dodge the taxman. :mrgreen:

My airplane was purchased out of annual so it was “a bunch of airplane parts” worth $8000
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Galaxy
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Re: Luxury Tax

Post by Galaxy » Wed Jan 01, 2020 9:28 pm

I can’t believe Trudeau and his cronies are considering a tax that could have negative effects on Quebec (Bombardier). I don’t see this tax happening...
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stillflying
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Re: Luxury Tax

Post by stillflying » Wed Jan 01, 2020 9:37 pm

Galaxy wrote:
Wed Jan 01, 2020 9:28 pm
I can’t believe Trudeau and his cronies are considering a tax that could have negative effects on Quebec (Bombardier). I don’t see this tax happening...
Why? He only does things that will make him appear to do the right thing to the masses.

Also, Bombardier sold off all but their business aviation assets. Even then, the majority of their business aviation comes out of the US (Witchita).
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iflyforpie
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Re: Luxury Tax

Post by iflyforpie » Wed Jan 01, 2020 11:17 pm

Galaxy wrote:
Wed Jan 01, 2020 9:28 pm
I can’t believe Trudeau and his cronies are considering a tax that could have negative effects on Quebec (Bombardier). I don’t see this tax happening...
Why?

Politicians rarely care about people who support them no matter what. Metropolitan Quebec isn’t a battleground for Liberals any more than rural Alberta is for Conservatives.

And just look at how Western Canada falls over themselves supporting Ontario carpetbaggers who have a Conservative sticker on them like Harper, Scheer, and Kenney.

Build or buy a pipeline for Alberta after the 2014 oil crash? Nope. Bail out the Ontario auto sector after the 2008 recession? Yes! How much? We need to buy votes there!
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photofly
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Re: Luxury Tax

Post by photofly » Thu Jan 02, 2020 5:09 am

I can’t see a reason why spending my cash on an airplane or boat is worthy of extra tax, but not spending it on a cottage (or second cottage), or flash jewellery, or a collection of good wine, or a decent violin, for example.
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Heliian
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Re: Luxury Tax

Post by Heliian » Thu Jan 02, 2020 9:38 am

Lol. It would take years to implement and apply to new "luxury" purchases. This is just a mandate letter.

Calm down chicken little.
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jakeandelwood
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Re: Luxury Tax

Post by jakeandelwood » Thu Jan 02, 2020 12:06 pm

So who decides how much the aircraft is worth? What if you own 2 aircraft? Is it totaled?
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jakeandelwood
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Re: Luxury Tax

Post by jakeandelwood » Thu Jan 02, 2020 12:12 pm

photofly wrote:
Thu Jan 02, 2020 5:09 am
I can’t see a reason why spending my cash on an airplane or boat is worthy of extra tax, but not spending it on a cottage (or second cottage), or flash jewellery, or a collection of good wine, or a decent violin, for example.
Exactly, I know someone who drives a 100k vehicle and lives in a basement suite. I own a plane and drive a $200 vehicle. It's our money, we paid income tax on it and we also paid tax on what we buy so why can't we spend it the way we want?
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rookiepilot
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Re: Luxury Tax

Post by rookiepilot » Thu Jan 02, 2020 12:20 pm

Wealth taxes.
Estate taxes.
Means tests on retirement benefits.
Luxury taxes.

All under the guise "pay your fair share"

All coming. Good luck writing letters.
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TalkingPie
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Re: Luxury Tax

Post by TalkingPie » Thu Jan 02, 2020 12:23 pm

I suspect that this will end up like Trudeau's assault on small businesses; wealthy people will react to the new tax and the government will net less revenue than before they decided to fleece hard-working people. I predict that fewer people will buy expensive vehicles, or they'll register them in a way so as to get around the tax. No new tax revenue will be collected, and the businesses and employees who manufacture and service these vehicles will suffer.

Little Potato may also want to take a look at what kind of aircraft $100k will buy. After a flight in a 20 year old C172, his highness may decide that it's not the display of luxury that he's used to.
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trey kule
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Re: Luxury Tax

Post by trey kule » Thu Jan 02, 2020 2:25 pm

This proposed tax, like other “sin” taxes, targets a small and unloved portion of the population, so it can happen without fear of political consequences.

After taxes, the govt will target legal gun owners as a grand political gesture. And lay off the backlash on the RCMP and municipalities...

The liberals (small l). Love to spend other peoples money...
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Loner
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Re: Luxury Tax

Post by Loner » Fri Jan 03, 2020 9:20 am

jakeandelwood wrote:
Thu Jan 02, 2020 12:12 pm
photofly wrote:
Thu Jan 02, 2020 5:09 am
I can’t see a reason why spending my cash on an airplane or boat is worthy of extra tax, but not spending it on a cottage (or second cottage), or flash jewellery, or a collection of good wine, or a decent violin, for example.
can't we spend it the way we want?
No, as long as you have a penny left, they’ll come for it!
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