Luxury Tax Self-Assessment

BigRedG80 · 01-11-2023, 11:01 AM

In the infinite wisdom of our glorious Prime Minister Justin Trudeau, our new G80/G82 rides will be subject to a Luxury Tax starting September 1, 2022.

Apparently in the fine print of the new Luxury Tax, we are supposed to do a self-assessment and payment of said luxury tax for any improvements we make to our rides after delivery of the vehicle. How many here will or have self-assessed the additional Luxury Tax for any mods added to your G80/G82 and forwarded the proceeds to the Feds?

Though, it is not clear how such a provision will be enforced. Will Chrystia Freeland come by our homes and remove that shiny new wrap and front lip if we do not pay up?

123abc · 01-11-2023, 11:25 AM

without the Luxury shit,I save up almost extra $2500. Also I suppose get the car in 2022,but ends up 2023,pay extra 3k ( I believe BMW increase 3K in 2023)

Quote:

Originally Posted by F30 Fahrer

In the infinite wisdom of our glorious Prime Minister Justin Trudeau, our new G80/G82 rides will be subject to a Luxury Tax starting September 1, 2022.

Apparently in the fine print of the new Luxury Tax, we are supposed to do a self-assessment and payment of said luxury tax for any improvements we make to our rides after delivery of the vehicle. How many here will or have self-assessed the additional Luxury Tax for any mods added to your G80/G82 and forwarded the proceeds to the Feds?

Though, it is not clear how such a provision will be enforced. Will Chrystia Freeland come by our homes and remove that shiny new wrap and front lip if we do not pay up?

forcefed · 01-11-2023, 11:54 AM

I will definitely do a self assessment on the supplied piece of paper... will mail it out to Trudeau himself.

Blister · 01-11-2023, 02:07 PM

Quote:

Originally Posted by F30 Fahrer

How many here will or have self-assessed the additional Luxury Tax for any mods added to your G80/G82 and forwarded the proceeds to the Feds?

Nice try CRA

Forzanerazzurri · 01-11-2023, 02:22 PM

Can you Donkeys in Toronto PLEASE stop voting for these evil Liberals.

Znomorph4theWin · 01-12-2023, 03:07 PM

Quote:

Originally Posted by forcefed

I will definitely do a self assessment on the supplied piece of paper... will mail it out to Trudeau himself.

This is perfect.

davidmct-M3 · 01-13-2023, 01:26 AM

Sounds like double taxation. You are ysing your already taxed miney to buy the parts. Does that mean you could now be taxed on any improvements you make to anything?? Eg house, clothes etc 🙂

123abc · 01-13-2023, 01:38 AM

It will be crazy in B.C
https://www.icbc.com/brochures/Pages...-vehicles.aspx
The Luxury is extra top on

BigRedG80 · 01-13-2023, 07:31 AM

Quote:

Originally Posted by 123abc

It will be crazy in B.C
https://www.icbc.com/brochures/Pages...-vehicles.aspx
The Luxury is extra top on

And the GST is on top of the Luxury Tax. So we have a tax on a tax on a tax!!

What is even more amazing is that the Luxury tax is applied to electric and hybrid vehicles as well. Was not the whole point of the government pushing EVs is to save the environment rather than pricing them out of reach of most people. But then again Trudeau is not known of logic and making sound decisions.

123abc · 01-13-2023, 01:27 PM

The point is EV in BC only 5% GST. The preown expensive cars still 20-25% depend on the price even though no Luxury tax.

Quote:

Originally Posted by F30 Fahrer

And the GST is on top of the Luxury Tax. So we have a tax on a tax on a tax!!

What is even more amazing is that the Luxury tax is applied to electric and hybrid vehicles as well. Was not the whole point of the government pushing EVs is to save the environment rather than pricing them out of reach of most people. But then again Trudeau is not known of logic and making sound decisions.

Seanhfx · 02-10-2023, 03:59 PM

I noticed an BMW dealership ad in BC that says something like, ask us how not to pay lux tax. How is that possible on a vehicle > 100k?

Patsfan1997 · 04-17-2023, 09:17 PM

My CA suggested I buy any extras I'm sure of before I take delivery of the car and they won't be subject to that stupid luxury tax. Small "loophole," I guess.

Forzanerazzurri · 04-17-2023, 11:21 PM

Quote:

Originally Posted by Patsfan1997

My CA suggested I buy any extras I'm sure of before I take delivery of the car and they won't be subject to that stupid luxury tax. Small "loophole," I guess.

Do you have a delivery date yet or what?

Patsfan1997 · 04-18-2023, 10:42 AM

Quote:

Originally Posted by Forzanerazzurri

Do you have a delivery date yet or what?

Nope. When my status changed to In Transit on March 27, the CA told me his system had an ETA of April 24. But since then, he's received comm from BMW that my car is in a holding facility awaiting transport to the port of exit, pending congestion clearance. So, if I'm lucky I'll get the car in May.

gc.g80brg · 04-18-2023, 11:50 AM

Quote:

Originally Posted by Patsfan1997

Nope. When my status changed to In Transit on March 27, the CA told me his system had an ETA of April 24. But since then, he's received comm from BMW that my car is in a holding facility awaiting transport to the port of exit, pending congestion clearance. So, if I'm lucky I'll get the car in May.

From my G8X friend's experience, when the status is ''in transit'', it takes about 8 weeks to get to your dealership.

Patsfan1997 · 04-18-2023, 08:29 PM

Quote:

Originally Posted by individual.G80M3

From my G8X friend's experience, when the status is ''in transit'', it takes about 8 weeks to get to your dealership.

That puts me at end of May. I hope it's sooner than that but based on my experience thus far, I'm not holding my breath.

pizza240 · 05-01-2023, 11:44 AM

Yes.
My only mod plans are to put a dent in every body panel so that the value of the car becomes less than $100,000 to avoid paying luxury tax.

G-Breazy · 05-02-2023, 08:27 AM

A long time ago in the U.S. they tried a luxury tax on cars boats and planes. It didn’t last very long and was eventually phased out. It wasn’t good for business, people weren’t buying as much new items. Hopefully Canada realizes this sooner than later. I’m finally in the position to start purchasing nicer things in life and my purchasing power decreases over night. Incredible lol. Way to reward hard working people.

DFW_M · 05-02-2023, 08:37 AM

Quote:

Originally Posted by G-Breazy

A long time ago in the U.S. they tried a luxury tax on cars boats and planes. It didn’t last very long and was eventually phased out. It wasn’t good for business, people weren’t buying as much new items. Hopefully Canada realizes this sooner than later. I’m finally in the position to start purchasing nicer things in life and my purchasing power decreases over night. Incredible lol. Way to reward hard working people.

We do have the gas guzzler tax (M5 for example)

01-11-2023, 11:01 AM	#1
BigRedG80 Private First Class 127 Rep 106 Posts Drives: 2023 BMW M3 6MT Join Date: Aug 2014 Location: Calgary iTrader: (0) Garage List 2023 BMW M3 [0.00] 2017 BMW 340i [0.00]	Luxury Tax Self-Assessment In the infinite wisdom of our glorious Prime Minister Justin Trudeau, our new G80/G82 rides will be subject to a Luxury Tax starting September 1, 2022. Apparently in the fine print of the new Luxury Tax, we are supposed to do a self-assessment and payment of said luxury tax for any improvements we make to our rides after delivery of the vehicle. How many here will or have self-assessed the additional Luxury Tax for any mods added to your G80/G82 and forwarded the proceeds to the Feds? Though, it is not clear how such a provision will be enforced. Will Chrystia Freeland come by our homes and remove that shiny new wrap and front lip if we do not pay up? __________________ Retired: 2011 BMW 323i, 2012 335i Sportline Current: 2017 340i \| MPPSK \| 8AT \| Current: 2023 M3 /// \| 6MT \| Aventurine Red III \|
	Appreciate 2 Forzanerazzurri6918.00 V's M39.00 Tweet Quote

01-11-2023, 11:54 AM	#3
forcefed Lieutenant Colonel 2563 Rep 1,927 Posts Drives: . Join Date: Sep 2021 Location: Toronto iTrader: (0)	I will definitely do a self assessment on the supplied piece of paper... will mail it out to Trudeau himself. Attached Images __________________ 2023 m3 xdrive For sale: M3 Eibach pro kit springs, csl gloss black grill with acc, gloss black lip
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01-11-2023, 02:22 PM	#5
Forzanerazzurri Banned 6918 Rep 3,277 Posts Drives: E46 M3 Coupe/G80 M3CX Join Date: Jul 2021 Location: Alberta iTrader: (0) Garage List 2003 BMW M3 Coupe [0.50] 2022 BMW M3 Competi ... [5.12]	Can you Donkeys in Toronto PLEASE stop voting for these evil Liberals.
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01-13-2023, 01:26 AM	#7
davidmct-M3 First Lieutenant 234 Rep 320 Posts Drives: BMW 440i with MPSSK Join Date: Mar 2022 Location: UK iTrader: (0)	Sounds like double taxation. You are ysing your already taxed miney to buy the parts. Does that mean you could now be taxed on any improvements you make to anything?? Eg house, clothes etc 🙂
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01-13-2023, 01:38 AM	#8
123abc Enlisted Member 0 Rep 49 Posts Drives: 540xi X5 35i M3C xdrive Join Date: Nov 2022 Location: Vancouver iTrader: (0)	It will be crazy in B.C https://www.icbc.com/brochures/Pages...-vehicles.aspx The Luxury is extra top on
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02-10-2023, 03:59 PM	#11
Seanhfx Second Lieutenant 217 Rep 265 Posts Drives: MY23 M3 Comp Edition 50 Jahre Join Date: May 2016 Location: Halifax, NS iTrader: (0)	I noticed an BMW dealership ad in BC that says something like, ask us how not to pay lux tax. How is that possible on a vehicle > 100k? __________________ 2023 M3 Competition xDrive Edition 50 Jahre (Techno Violet Metallic) August 11, 2022 Production Date Delivery Date - October 24, 2022 2021 M340i xDrive M Performance Edition 2017 340i xDrive
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04-17-2023, 09:17 PM	#12
Patsfan1997 First Lieutenant 228 Rep 338 Posts Drives: 2023 M3 Competition M xDrive Join Date: Apr 2022 Location: Montreal, Canada iTrader: (0)	My CA suggested I buy any extras I'm sure of before I take delivery of the car and they won't be subject to that stupid luxury tax. Small "loophole," I guess. __________________ The detes: 2023 M3 Competition M xDrive \| Grigio Telesto Pearl \| Full leather Silverstone/Black \| Premium Package \| Carbon Fiber interior trim \| Carbon Fiber exterior package etc.
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05-01-2023, 11:44 AM	#17
pizza240 Lieutenant 801 Rep 464 Posts Drives: 2023 M3 Competition xDrive Join Date: Nov 2016 Location: GTA iTrader: (0)	Yes. My only mod plans are to put a dent in every body panel so that the value of the car becomes less than $100,000 to avoid paying luxury tax. __________________ previous BMWs: '02 M3 6MT, '17 M240ix, '19 M2C 6MT
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05-02-2023, 08:27 AM	#18
G-Breazy Private First Class 104 Rep 127 Posts Drives: Grandmarquis 92, X6 21 Join Date: May 2022 Location: Canada iTrader: (0)	A long time ago in the U.S. they tried a luxury tax on cars boats and planes. It didn’t last very long and was eventually phased out. It wasn’t good for business, people weren’t buying as much new items. Hopefully Canada realizes this sooner than later. I’m finally in the position to start purchasing nicer things in life and my purchasing power decreases over night. Incredible lol. Way to reward hard working people.
	Appreciate 0 Quote