Form B500 Luxury Tax and Information Return for Registrants - Canada

Form B500 Luxury Tax and Information Return for Registrants is used in Canada for reporting and paying luxury tax on certain specified goods, such as expensive cars, boats, and aircraft, that are subject to additional taxes based on their value or sales price.

FAQ

Q: What is Form B500?
A: Form B500 is the Luxury Tax and Information Return for Registrants in Canada.

Q: Who needs to file Form B500?
A: Registrants in Canada who are liable to pay luxury tax must file Form B500.

Q: What is luxury tax?
A: Luxury tax is a tax on luxury goods and services.

Q: What information is required to be reported on Form B500?
A: Form B500 requires information about luxury tax payable, total sales of luxury goods, and details of registrant's business.

Q: When is the deadline to file Form B500?
A: The deadline to file Form B500 is usually within 30 days after the end of the reporting period.

Q: Is there a penalty for late filing of Form B500?
A: Yes, there may be penalties for late filing of Form B500, including interest charges on any unpaid luxury tax.