A new federal luxury tax is going into effect for motor vehicles with a retail value over $100,000 and personal vessels with a retail value over $250,000 purchased on or after September 1, 2022. For information and details on how the new tax will be applied, and the specific criteria, please visit the Government of Canada website.
When reviewing coverage for these risks, please confirm the insured value includes the luxury tax where applicable to ensure your customers are well protected.
If you would like more information, please contact your Insurance representative.
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