Resolving the Ambiguities surrounding the Canadian Luxury Tax: Insights on Application and Exemptions

Canada’s federal legislation on luxury items, the Luxury Items Tax Act (the “Act”), was introduced in the 2021 Federal Budget and came into effect on September 1, 2022. The Act imposes a tax on aircraft, calculated as the lesser of: 10% of the full value of the aircraft over CAD $200,000, or 20% of the […]