Inside the Luxury Tax webinar set for Nov. 30
The Canadian federal government proposed a Luxury Tax on aircraft, automobiles and boats in its April 2021 budget, to be effective as of January 1, 2022. Ottawa plans to charge its Luxury Tax on new cars and personal aircraft priced over $100,000, and boats, for personal use, priced over $250,000.
After the Liberal’s successful snap election in September 2021, the proposed tax continues to be on the federal government’s slate. In fact, the fall election created more confusion around the Luxury Tax as it was held just days before a September 30, 2021, deadline for people and companies to provide comment on the tax.
The proposed tax has been under the radar for many. If enacted, however, it will have a far-reaching impact on the Canadian aviation industry.
On November 30, Wings magazine, the publishing partner of COPA, is hosting a free one hour webinar with tax and aviation lawyer Steven Sitcoff, who is a partner with national law firm McMillan LLP. He will provide insight into the proposed Luxury Tax and the potential implications for your business and planned aircraft investment.
Sitcoff is a highly experienced lawyer with a practice primarily focused on providing domestic and international corporations with proactive and practical tax planning solutions to assist them to further their business objectives. He has unique combined expertise in taxation and private aviation matters, and is frequently consulted by clients and aviation services firms across Canada to advise on tax-efficient acquisition and ownership structures for aircraft, to review aircraft ownership structures and usage policies for tax risk, and for representation in aircraft-related audits.
Stan Kuliavas, Vice President of Sales & Business Development with Levaero Aviation, will begin the webinar with a description of the current market reaction from the business aviation sector to the proposed Luxury Tax.
Visit the webinar site.