| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
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02-19-2010, 04:30 PM
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#1 | | Rs has made me the man i am today!
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| FYI - Luxury Tax and HST
Just a heads up to anyone looking to purchase or lease a vehicle over $55k in the near future (yes people on Revscene can afford nice cars!):
With the introduction of HST on July 1, 2010, luxury tax will no longer exist.
Therefore, if you are buying a $60,000 vehicle, you will save 3% on your purchase if you can wait until after July 1st. That equates to $1800. Money you can spend on a vacation, accessories for your new vehicle or hookers & blow.
As a reminder, current luxury tax rates based on the MSRP of a vehicle are:
$55,000-$55,999 - 1%
$56,000-$56,999 - 2%
$57,000+ - 3%
Hope this saves someone a few bucks.
Kev
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02-19-2010, 04:34 PM
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#2 | | Rs has made me the man i am today!
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Oh and in case anyone is wondering about private sales of used cars, the tax rate will not change. It will remain at 7% (PST only).
Kev
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02-19-2010, 04:53 PM
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#3 | | Media Officer / MOD
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that's some awesome news  | |
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02-19-2010, 07:08 PM
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#4 | | RS Veteran
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Thanks I was really curious about private sales.
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02-19-2010, 07:23 PM
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#5 | | I only answer to my username, my real name is Irrelevant!
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how is that awesome news??? the HST still = more$$$
i mean i guess its good news if your not going to be able to get a car until after the HST is introduced but :/
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02-19-2010, 07:36 PM
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#6 | | I Will not Admit my Addiction to RS
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^^^when you buy a car from a dealership you pay gst+pst that = HST........
so this is good news because it eliminates the luxury tax that people pay for now
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02-19-2010, 10:27 PM
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#7 | | I wish I was where I was when I wished I was here
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Nice!
BTW to your FYI... where did you get this information? Quote:
Originally Posted by StylinRed  how is that awesome news??? the HST still = more$$$
i mean i guess its good news if your not going to be able to get a car until after the HST is introduced but :/ | We're trying to look on the positive side of things...
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02-19-2010, 11:53 PM
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#8 | | RS.net, helping ugly ppl have sex since 2001
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I never understood why the luxury tax existed in the first place
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02-19-2010, 11:55 PM
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#9 | | I wish I was where I was when I wished I was here
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| Quote:
Originally Posted by shenmecar I never understood why the luxury tax existed in the first place | tax grab from the rich?
which seemed to work, despite the tax there's still a lot of high end cars here in Vancouver...
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02-20-2010, 01:22 AM
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#10 | | I bringith the lowerballerith
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| Quote:
Originally Posted by hchang tax grab from the rich?
which seemed to work, despite the tax there's still a lot of high end cars here in Vancouver... | you mean richmond? right? 
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#2 #5 #13 #14 #16 #19 #30 #40 #91
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02-20-2010, 01:43 AM
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#11 | | RS has made me the bitter person i am today!
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no vancouver actually has nicer cars, just that richmond is compact into one steaming pile of driving shithole
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02-20-2010, 11:55 AM
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#12 | | I *heart* Revscene.net very Muchie
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| Quote:
Originally Posted by Roach (yes children with "N" licences on Revscene can afford nice cars using their parents' money!) | ^ Fixed that for you 
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02-20-2010, 01:36 PM
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#13 | | OMGWTFBBQ is a common word I say everyday
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| Quote:
Originally Posted by Philly74 you mean richmond? right? | Yea right. Vancouver has much nicer cars. Posted via RS Mobile | |
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02-20-2010, 04:54 PM
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#14 | | Rs has made me the man i am today!
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| Quote:
Originally Posted by hchang Nice!
BTW to your FYI... where did you get this information?
| Sorry, I should have referenced that. Quote:
�� Elimination of the vehicle luxury tax of up to 3% on new vehicles over $55,000
�� Private sale of used vehicles, aircraft and boats are not subject to HST but will remain subject to PST
| From Ernst & Young's tax bulletin: Link
Kev
Last edited by Roach; 02-20-2010 at 05:01 PM.
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