- The luxury tax on subject aircraft and vessels priced above $100,000 and $250,000 respectively will be eliminated effective November 5, 2025.
- The luxury tax will continue to apply to subject vehicles priced above $100,000.
- Filing and reporting requirements for the luxury tax on aircraft and vessels apply for the period up to November 4, 2025, with final returns due by December 31, 2025.
- Exemption, tax, and special import certificates for aircraft and vessels will no longer be required after November 4, 2025, but must be retained for six years.
- Vendors’ registrations for aircraft and vessels will be cancelled automatically on February 1, 2028, and the CRA may still inspect or audit records for six years.
Source: canada.ca
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Canada"
- Canada to Apply GST/HST to Mutual Fund Trailing Commissions Starting July 2026
- Navigating GST/HST Audits: Common Triggers, CRA Positions, and Strategies for Tax Disputes
- Canada Revenue Agency reverses longstanding position on GST/HST status of trailing commissions
- GST/HST Essentials for Creators and Digital Talent: Key Insights and Quebec Waiver Guide
- Mark Carney Increases GST Rebate by 50% This Year, 25% for Next Four Years
