Tax Tidbits Fall 2022

Some quick points to consider…
• The luxury tax affecting new vehicles and aircraft retailing for more than $100,000 and new boats over $250,000 has been rescheduled to commence on September 1, 2022.
• The Office of the Auditor General of Canada noted that $3.7 billion of overpaid COVID-19 benefits had been identified.
• The program that has offered purchase incentives of up to $5,000 for zero-emission vehicles since 2019 is proposed to be extended until March 2025, and eligibility would be broadened to include other vehicle models, including more vans, trucks and SUVs.
• For 2018 and 2019, the CRA audit hit rate (percentage of audits resulting in an audit adjustment) was close to 60%.