Thursday, March 22nd, 2007. Post written by: Jim

Over Tax The Wealthy?

Why? Just because they work harder and work smarter?  I beg to differ… But I’m sure everyone else has their own views on the subject… So I’m not going to try to stir up controversy by blurbing out what’s on my mind.

As it stands, the BC luxury car tax is still in effect. Not sure if other provinces have the same thing, or something similar? I got hit by it back in 2003 when I bought my 4runner, and will get hit by it again probably each time I buy a car for the rest of my life, including my next Porsche purchase… I guess the government figures: if they can afford a car that costs more than $57,000CAD then they can afford to pay an extra 3% PST tax than everyone else!

Well at least they’ve slightly (VERY slightly) relaxed the luxury tax since 2003. Back then I remember any car over $50,000 had to pay an extra 3% PST luxury car tax, now (2007) its broken down into 3 brackets:

  • 1) under $55,000 – 7%
  • 2) $55,001 to $55,999 – 8%
  • 3) $56,000 to $56,999 – 9%
  • 4) $57,000 and over – 10%

Sometimes I wonder what am I still doing, living in Canada? Oh wait, that’s right, great country, safe place to live and raise a family, great health care! I guess you can’t have it all in this world. :) But really, they should stop over taxing the wealthy to keep on feeding the lazy.

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