Canada study predicts job losses and lower sales revenue due to luxury tax

March 22nd, 2023

The Canadian government’s proposed “luxury tax” on new recreational boats valued above $250,000 CAD went into effect September 1, 2022. This month, the Canadian Department of Finance released a study and analysis on the economic impacts of the tax, which predicts a severe drop in sales revenue and hundreds of job losses from the federal […]

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Canada’s boat builders brace for federal government’s proposed ‘luxury tax’

February 3rd, 2022

The Canadian government’s proposed luxury tax on new boats valued at CA $250,000–originally scheduled to take effect January 1, 2022–is expected to be fully implemented in the weeks to come, according to the National Marine Manufacturers Association (NMMA) website. A spokesperson for Canadian Finance Minister Chrystia Freeland confirmed recently that the government will release draft […]

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Analysis shows Canada’s proposed luxury tax will have heavy impact on marine industry

December 20th, 2021

A recent economic analysis, “An Economic Evaluation of the Proposed Luxury Boat Tax,” conducted by Jack Mintz, Ph.D., at the School of Public Policy at the University of Calgary, in conjunction with Fred O'Riordan at EY Canada, concludes that Canada’s proposed luxury tax on new boats will collect little revenue while threatening middle-class jobs across […]

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Canadian luxury tax proposed

April 28th, 2021

Canadian news outlets are reporting that a proposed federal budget set to go into effect Jan. 1, 2022, includes a tax on luxury items, such as boats that retail for more than CAD250,000 ($200,000), according to the Trade Only Today online news site. If approved, the budget document cited by CTV News projects a CAD604 […]

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