CADA to launch second luxury tax webinar in August
August 22, 2022
CADA is preparing to launch its second “Navigating the New Federal Luxury Tax ” webinar on August 25 at 1:00 p.m. EDT. The French webinar will follow on August 30 at the same time.
The luxury tax takes effect on September 1, 2022. At that point, dealers across the country will be subject to the tax and its registration and reporting requirements the moment they sell a vehicle—any vehicle—above the $100,000 threshold.
Since the tax does not discriminate between brands, dealers that do not specialize in luxury brands will still be subject to the tax if they sell a vehicle above $100,000. Manufacturers, wholesalers, retailers and importers will need to register with the Canada Revenue Agency (CRA), under the Select Luxury Items Tax Act.
“To help dealers better understand the new tax, we are pleased to have partnered with MNP to deliver a series of webinars for dealer members, to help them understand the implications of this new tax structure,” said Tim Reuss, President and CEO of CADA. “CADA has been advocating to the federal government continuously, throughout the entire legislative process around the luxury tax, and will continue to make sure that the voice of Canadian auto dealers is at the table.”
MNP is among the largest national accounting, consulting and tax advisory firms in the country. Its tax professionals will dive into what the new luxury tax means for the future of Canadian dealerships and luxury consumers, and how dealers prepare themselves for its implementation.
Dealers Members can register for the English webinar here, and the French webinar here .