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If you're buying a $100,000+ car in Canada, my guess is you likely are going to have people who can figure out tax loop holes to save you some cash. Quite frankly, the X starts at $120,000 all-in, if you have that kind of cash, I don't think an extra $11K in taxes is going to flip you one way or another and if does, you likely shouldn't be buying a $125,000 car.My only point is I believe anybody considering a Model S or X purchase should watch the election closely, to factor in whether a purchase sooner (before a 10% luxury tax is implemented) is the wisest move. I believe a Trudeau majority or minority means the 10% luxury tax is a given, as that is a key pillar of his election platform. The main party who would prop up a minority (NDP) supports overall higher taxation. Hopefully I’m wrong....but let’s see....
+1 to this. I'm not hating on folks who buy a 100k+ car, just to be clear. It's just my opinion.If you're buying a $100,000+ car in Canada, my guess is you likely are going to have people who can figure out tax loop holes to save you some cash. Quite frankly, the X starts at $120,000 all-in, if you have that kind of cash, I don't think an extra $11K in taxes is going to flip you one way or another and if does, you likely shouldn't be buying a $125,000 car.
Tesla has options under $100K, the 3 and the Y, if a $10K tax bill is too much to bear.
In BC the luxury tax on cars starts to come into effect at $55k already. I recall SR+ buyers being hit by the extra 1% because of this, and for the LR and PAWD you're looking at 3% more. I guess a federal 10% would be more like the extra 8% on vehicles 125k-150k.They have a luxury tax like this in BC already don't they? I think it's above 80k, so the PAWD is subject to it, but other models aren't. I wonder: when that tax came into effect did it cause a dip in sales at >80k price ranges. My guess is it didn't affect it as much as people thought it would.
I can afford a $50,000 tax on my model S. Does that mean it's responsible for government to levy that tax...just because I can?If you're buying a $100,000+ car in Canada, my guess is you likely are going to have people who can figure out tax loop holes to save you some cash. Quite frankly, the X starts at $120,000 all-in, if you have that kind of cash, I don't think an extra $11K in taxes is going to flip you one way or another and if does, you likely shouldn't be buying a $125,000 car.
Tesla has options under $100K, the 3 and the Y, if a $10K tax bill is too much to bear.
If you're buying a $100,000+ car in Canada, my guess is you likely are going to have people who can figure out tax loop holes to save you some cash. Quite frankly, the X starts at $120,000 all-in, if you have that kind of cash, I don't think an extra $11K in taxes is going to flip you one way or another and if does, you likely shouldn't be buying a $125,000 car.
Tesla has options under $100K, the 3 and the Y, if a $10K tax bill is too much to bear.
If the EV offers battery options you might petition arguing for the base price (without battery) to be the taxable cost. The State of Wyoming did that for my 2012 MS setting the sale price at ~$50k instead of the full $85kUS that I paid. It was their idea and not mine. I got the 85kwh battery but could have got it with the 60 or even the 40.
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I doubt the cash stripped Liberal and NDP will let you do that. I calculated for the last 4 tax years, I paid 8% more on income tax each year compound. I am not earning 8% more each year, actually far from that.
I mean the total amount tax dollar I contributed to the taxman has been increasing at 8% each year since Liberal had had a majority. I am paying more tax, and getting less back. My overall tax rate, percentage wise, is over 30%. I believe tax rules changed in the unfavorable way of me and my fellow friends and colleagues all experienced the same thing. Those in the Parliament hill regard us, the so called mid class, as milk cows to satisfy their ever increasing appetite8% a year or 8% overall? The top marginal tax rate for income in Ontario went from 49.53% in 2014 to 53.53% in 2018.
My tax percentages have changed less than but my income was less than $220k. My overall tax rate has varied between 21% and 23.6% and as income increased by more than a third (though I may have contributed more to my RRSP some years). Going further back my tax rate was 19% in 2011 when I was making about half as much as now.
I'm curious how your taxes went up 8% per year, were there changes to the taxation of capital gains or dividends that affected you?
Sounds like you are making more money, not paying higher tax rates. My taxes payable more than doubled over this period, but that was because my salary also doubled... woe is usI mean the total amount tax dollar I contributed to the taxman has been increasing at 8% each year since Liberal had had a majority. I am paying more tax, and getting less back. My overall tax rate, percentage wise, is over 30%. I believe tax rules changed in the unfavorable way of me and my fellow friends and colleagues all experienced the same thing. Those in the Parliament hill regard us, the so called mid class, as milk cows to satisfy their ever increasing appetite
I mean the total amount tax dollar I contributed to the taxman has been increasing at 8% each year since Liberal had had a majority. I am paying more tax, and getting less back. My overall tax rate, percentage wise, is over 30%. I believe tax rules changed in the unfavorable way of me and my fellow friends and colleagues all experienced the same thing. Those in the Parliament hill regard us, the so called mid class, as milk cows to satisfy their ever increasing appetite