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Bombardier Inc. T.BBD.A

Alternate Symbol(s):  BDRPF | T.BBD.PR.B | BDRXF | T.BBD.PR.C | T.BBD.PR.D | BOMBF | BDRAF | T.BBD.B | BDRBF

Bombardier Inc. is a Canada-based manufacturer of business aircraft with a global network of service centers. The Company is focused on designing, manufacturing and servicing business jets. The Company has a worldwide fleet of more than 5,000 aircraft in service with a variety of multinational corporations, charter and fractional ownership providers, governments and private individuals. It operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. Its robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Austria, the United Arab Emirates, Singapore, China and Australia. The Company's jets include Challenger 350, Challenger 3500, Challenger 650, Global 5500, Global 6500, Global 7500 and Global 8000.


TSX:BBD.A - Post by User

Comment by Julyb60on Jan 27, 2022 12:33pm
190 Views
Post# 34367093

RE:RE:RE:RE:RE:RE:Might be a good time to Exit

RE:RE:RE:RE:RE:RE:Might be a good time to Exit

Agree with you Balmusette since this tax will only apply to luxury goods delivered in Canada.  I dont believe it will apply to Exports (most of sales).


What is considered a luxury good for purposes of the new tax?

A new term “Select Luxury Goods” is being introduced, It’s likely that this term will eventually subject additional goods to the luxury tax. For the time being, Select Luxury Goods include the following:

  • Luxury vehicles - All new (manufactured after 2018) passenger vehicles typically suitable for personal use including coupes, sedans, station wagons, sports cars, passenger vans, and minivans equipped to accommodate less than 10 passengers, SUVs, and passenger pick-up trucks would be considered luxury vehicles for purposes of the new tax. Motorcycles and certain off-road vehicles, such as all-terrain vehicles and snowmobiles, racing cars (i.e., vehicles that are not street legal and are owned solely for on-track or off-road racing), and motor homes are not considered to be caught by the scope of the luxury tax. Similarly, ambulances, construction, and farm vehicles would also fall outside the scope of the tax.
  • Aircraft - All new (manufactured after 2018) aircraft including any airplane, helicopter, or glider with a maximum carrying capacity of less than 40 seats (this includes corporate aircraft) will be subject to the tax. Aircraft typically used in commercial activities, such as those equipped for the carriage of passengers or designed exclusively for cargo flights, would be excluded.
  • Boats - All new (manufactured after 2018) boats designed for leisure, recreation, or sport such as a yacht, a houseboat, or any sailboat or motorboat that has a cabin with sleeping amenities are considered luxury boats for purposes of the new tax. Floating homes, commercial fishing vessels, ferries, and cruise ships would be excluded.

Who is required to pay the luxury tax?

The luxury tax is payable by registered vendors on the sale of luxury goods delivered in Canada. Sales to registered manufacturers, wholesalers, and retailers will be exempt. Non-registered importers will also pay the luxury tax on the importation of a luxury good.

For complete article:

https://www.bdo.ca/en-ca/insights/tax/tax-articles/luxury-goods-tax/

 
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