The new measure will go into effect on September 1.
The Select Luxury Items Tax Act will apply to all new cars and aircraft with retail prices exceeding $100,000 and boats that cost more than $250,000. The new rate would equate to 10 percent of the full value of the item.
The tax is a part of the new Bill C-19 law, which includes several other corporate tax measures. Among these are reductions for profits on zero-emission technology manufacturing.
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