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on that! I used to think $100K was an impossible sum of money for a vehicle. Iām now thinking $99K might just be my upper end limit for one. Not sure I understand the tax though. Is it only on the amount >$100K? Or once you cross $100K itās applied to the whole amount? Then is GST applied on top of that so thereās tax on tax? Like we donāt pay enough alreadyā¦I suppose if they are smart, they will price it just under the $100k so there will not be luxury tax
That makes sense. Thanks for the explanation!The luxury tax on the sale, importation, registration or lease of a subject vehicle priced or valued above the price threshold, or on subject vehicles valued above the price threshold held by a person ceasing to be a registered vendor of subject vehicles is calculated as the lesser of:
So based on the above, my understanding is if the car is $120k, the tax would be $4k. And HST (rest of Canada) is on top of everything - yes, tax or tax.
- the taxable amount multiplied by 10%
- the amount that results from subtracting $100,000 from the taxable amount and multiplying the difference by 20%
What is the difference between the 105k (website) and the 108.5K your dealer tells you ?2024 Lexus GX Build & Price | Lexus Canada
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I was told by the dealer that the Overtrail+ would be $108,500 + tax. I put down the deposit in July. No information about when the vehicle would be available yet. I am located in Vancouver.
They did not give me the break down yet. Just said that they are charges from the head office and government. I have not signed up anything yet. Just told them to go ahead with the order.What is the difference between the 105k (website) and the 108.5K your dealer tells you ?